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- 1 TSCO stock price closed above the 200 day EMA showing signs of bullishness.
- 2 Bulls are attempting to rescue the gains and looking to surpass the neckline of $230.
Tractor Supply Company (TSCO stock) price broke the rising wedge pattern and retested the demand zone of $200. Afterward, TSCO stock made a double bottom structure and revamped gradually and has now surpassed the 200-day EMA in the past sessions, showing that buyers have gained traction and are now ready to revisit the highs of $250.
Moreover, the price action shows that the stock has retracted from the top, and the correction has ended. Furthermore, investors started showing interest and accumulated the price to rescue the gains favoring bulls. TSCO stock has a primary resistance of $230, which, if surpassed, would lead a rise in momentum, and stock will sharply run toward $240, followed by $250. On the other hand, if the stock fails to surpass, it will revisit the 100-day EMA near $220, replicating the strong resistance spot.
At press time, TSCO stock price is trading at $224.16 with an intraday gain of 1.08% showing bullishness in yesterday’s session. Moreover, the trading volume remained at 1.022 Million, and the market cap is $24.561 Billion. However, analysts maintained a strong buy and overweight rating with a yearly target price of $246.37, suggesting a growth outlook for the upcoming sessions.
Tractor Supply Co. engages in the retail sale of farm and ranch products. It operates retail farm & ranch stores and focuses on supplying the lifestyle needs of recreational farmers, ranchers, tradesmen, and small businesses.
The firm operates retail stores under Tractor Supply Company, Orscheln Farm & Home, and Petsense. Its product categories include equine, livestock, pet, small animal, hardware, truck, towing, tool, heating, lawn and garden items, power equipment, gifts, toys, recreational clothing and footwear, and maintenance products for agricultural and rural use.
TSCO Stock Price Action On Daily Charts
On the daily charts, TSCO stock price has surpassed the key moving averages in the past sessions indicating that buyers have gained traction and are looking to revisit the neckline of $230. Moreover, the price has revamped from the 38.2% Fib level and is now looking to smash above neutrality. However, the price is trading close to the upper bollinger band, suggesting buying activity in the past sessions.
What TSCO Stock Indicates On Short Term Charts
On the 4-hour charts, TSCO stock has stuck with multiple EMAs, which tightens the price and acts as a barrier to flying higher.
The RSI curve stayed in the overbought zone and noted a positive crossover on the charts. Moreover, the charts suggest a rise and a breakout above $230 in the upcoming sessions.
The MACD indicator shows a bearish crossover, and the red bars noted on the histogram show a negative outlook on the charts. However, buyers are trying to retrieve the gains.
Conclusion:
Tractor Supply Company (TSCO stock) price has surpassed the 200-day EMA in the last session giving indications of a fresh bull move toward the highs of $250. However, buyers need to smash above the neckline of the double bottom pattern at $230 to sustain the bullish momentum.
Technical Levels:
Support Levels: $215 and $200
Resistance Levels: $230 and $240
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
