Tractor Supply Company ($TSCO) is testing a major area of confluence that could offer an excellent selling opportunity. Here’s why..
Confluence of Resistance
This stock has been testing a clear area of visual resistance at around $71.75 since April and is beginning to show signs of weakness. Making matters worse is the fact that price is also turning down off yearly and monthly pivot-based resistance levels.
The yearly R2 resistance level is $71.20 and the monthly H3 resistance level is $72.55. These three zones combine to make a solid wall of resistance that could spark the next key sell-off in this stock.
Look for price to drop back toward prior support at the $60 area, especially if price breaks $66.85.
Let’s see what happens!
Cheers!
Frank Ochoa
PivotBoss.com
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