Agricultural equipment and home improvement retailer Tractor Supply Company (TSCO) has consistently been in the Green Favored Zone of the SIA S&P 500 Index Report or the top few places in the yellow zone since April. Over that time, the shares have returned 21.1%. On Friday, the shares finished in 93rd place up 8 spots on the day and up 21 places in the last month.
A major breakout is underway in Tractor Supply (TSCO) shares. TSCO spent half of the spring and most of the summer stuck in consolidation mode, trading between $170 and $200. Through this period, the shares remained above their longer-term uptrend support line, keeping it intact. In the last few days, accumulation has accelerated with the shares rallying up off of $190 on increasing volumes.
Last week, the shares broke through $200 to a new all-time high, signaling the start of a new advance. Based on measurd moves from recent trading ranges, next potential upside resistance on trend appears near $210 then $240. Initial support appears at the $200 round number and breakout point, followed by $190.
Building on last year’s big High Pole advance, Tractor Supply (TSCO) shares have been consistently under accumulation since last November. After consolidating through the summer, the shares have staged the latest in a series of bullish Double Top breakouts to a new all-time high, signaling the start of a new advance.
Based on horizontal counts, next potential upside resistance appears near $217.95 and then $245.45 on trend. Initial support appears near $186.00 based on a 3-box reversal.
With a perfect SMAX score of 10, TSCO is exhibiting strength across the asset classes.
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