TSCO stuck within tight trading range
Tractor Supply Company (TSCO) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, TSCO ended the month 8.01% higher at 131.79 after edging higher $0.18 (0.14%) today, strongly underperforming the S&P 500 (1.54%). Today's close at 131.79 marks the highest recorded closing price ever. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (TSCO as at Jun 30, 2020):
Tuesday's trading range has been $2.38 (1.8%), that's below the last trading month's daily average range of $3.42. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TSCO. Prices continued to consolidate within a tight trading range between 129.02 and 132.79 where it has been caught now for the last three trading days.
Tractor Supply ran into sellers again today around 132.79 for the third trading day in a row after having found sellers at 132.70 in the previous session and at 132.35 two days ago. The last time this happened on June 25th, TSCO lost -0.64% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior two Highs" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Tractor Supply. Out of 142 times, TSCO closed higher 53.52% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 54.23% with an average market move of 0.70%.