Stock of the day: Tractor Supply Company

By Tomasz Wisniewski|

Published: October 17 2022, 13:33 GMT+0

Stock of the day: Tractor Supply Company

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In today’s stock of the day, I’m going to show you a situation on an instrument that you’re probably not  familiar with but still, it’s in our offer and technical analysis also works on a vast majority of liquid instruments, so it doesn’t really matter if it’s a popular stock or metal or a currency pair.

The Tractor Supply Company, is an American retail chain of stores that sells products for home improvement, agriculture, lawn and garden maintenance. It also happens to be a Fortune 500 company, even though it’s virtually unknown outside of the US.

The reason why we’re focusing on TSCO today is that since June, the company has been trading inside of the tight range (a rectangle), between the 182 USD support and the 207 USD resistance. It’s rather impossible for this sideways trend to last for an extraordinary amount of time. Therefore, sooner or later, there should be a breakout.

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.

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