Stock of the day: Tractor Supply Company

In this week’s last ‘Stock of the Day’, we’re updating you on the Tractor Supply Company, which we previously analysed for the first time October 17^th. Back then, we mentioned a big rectangle and said that the price escaping out of this pattern should give us a proper trading signal:

“The breakout is what we’re waiting for now and this breakout should show us the future direction for this instrument. Just to make things clear, a breakout of the 207 USD resistance will give us a signal to buy and a breakout of the 182 USD support will give us a signal to sell. Let’s see how this plays out.”

The breakout happened on Tuesday, and it was to the upside. Since then, the price has stayed above the 207 USD resistance, which indicates that the breakout is legit and the buy signal is ON. As for the target, a 240 USD resistance (yellow) seems far, but it’s a realistic, long-term target. If the global situation is bullish, the price may get there within the next few months.