Tractor Supply Higher in Down Market

By | November 9, 2017

Tractor Supply (TSCO) shares spent the summer forming a bullish inverse head and shoulders reversal pattern on the daily chart. The $58.00 neckline breakout in August was rebuffed by the declining 200 day moving, and the stock moved back down to retest neckline resistance-turned-support.

The test was successful and now it looks like a base has been made and the stock is headed higher. It was up 2% on Thursday in a decidely down market. Chaikin money flow is in positive territory and the relative strength index is tracking higher and is above its centerline. The upside momentum is being supported by money flow.

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