TSCO rises to highest close since July 24, 2019
Tractor Supply Company (TSCO) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, TSCO finished the week 0.12% higher at 111.85 after surging $2.90 (2.66%) today, strongly outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Today's close at 111.85 marks the highest recorded closing price since July 24, 2019. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (TSCO as at May 22, 2020):
Friday's trading range has been $3.07 (2.8%), that's slightly above the last trading month's daily average range of $2.96. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for TSCO.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on March 23rd, TSCO actually gained 2.51% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 113.89 where further buy stops might get activated. 2019's high at 114.25 is within reach and we could see further upside momentum should Tractor Supply manage to break out beyond.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Strong Up Move" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Tractor Supply. Out of 198 times, TSCO closed lower 55.56% of the time on the next trading day after the market condition occurred.