Tractor Supply Company (TSCO) demonstrates a textbook example of resistance-turned-support dynamics on the weekly chart. The stock has successfully broken above the previous resistance zone around $50-52 and is now using this level as strong support.
Key Technical Observations:
Clean breakout from multi-year consolidation pattern
Former resistance zone now acting as solid support
Strong upward momentum with price above all major moving averages
RSI showing healthy momentum without being overbought
Bullish Setup:
Entry: Current levels around $54 or on any pullback to the green support zone ($50-52)
Target: Initial resistance at $58-60 range, with longer-term potential toward $70+ following the projected path
Stop Loss: Below $49 (invalidation of support flip)
Key Technical Observations:
Clean breakout from multi-year consolidation pattern
Former resistance zone now acting as solid support
Strong upward momentum with price above all major moving averages
RSI showing healthy momentum without being overbought
Bullish Setup:
Entry: Current levels around $54 or on any pullback to the green support zone ($50-52)
Target: Initial resistance at $58-60 range, with longer-term potential toward $70+ following the projected path
Stop Loss: Below $49 (invalidation of support flip)
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Find top crypto tokens with sector indices, AI-powered sentiment analysis & news summaries.
tokenradar.ai/tv
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.