Wanna get $100 off a lawn tractor? Here’s your trade on Tractor Supply (TSCO). (May 24, 2016)
TSCO
In this free video I want to look at Tractor Supply ( NASDAQ:TSCO ). This is a pretty solid pattern here. I’ll show you the weekly chart in just a second, but you see a pretty steady uptrend here. And then look at this (I won’t draw pretty lines, just lines), down, up to kind of test this level over here, and a failure, back down to test kind of this level here, or I guess you could say here. I’ll bet this was August 24th, every stock except inverse ETF’s spiked like that. So it comes down here and then we’re moving back up, and finally a breakout above this level. So basically we have this type of thing and a big old ‘W’ pattern here. It hasn’t quite completed itself, hence, why I’m covering this now. I believe just last week I featured Tractor Supply ( NASDAQ:TSCO ) in one of our videos, I know we covered this a few times in the premium videos. My point on that was Tractor Supply Company ( NASDAQ:TSCO ) is not Macy’s ( NYSE:M ). It’s not Nordstrom ( NYSE:JWN ). It’s not JC Penney ( NYSE:JCP ). When I looked at their website you get could $100.00 off a rideable lawn mower. I guess you could buy that on Amazon ( NASDAQ:AMZN ), but you probably won’t. If your horse is cold and you need a horse blanket, you’re going to go to Tractor Supply ( NASDAQ:TSCO ); you’re probably not going to get that on Amazon ( NASDAQ:AMZN ).
My point is that this is different, it’s one of those stores that’s different. So I was looking at this at $92.00, I’m looking at it now at 95.00. And this is what I’m looking for, if you look at the weekly chart you get a better sense of what’s happening. Long-term, fine. That was then, if only this was then. When you look at it in this time frame you can see, a big trend, prolonged consolidation for a while. A big trend, prolonged consolidation. This has been going on for almost a year, trading sideways, which is why I’m looking at this. The last high back here was 96.28. This high, 97.25, so lets call it 97.00. If this stock starts moving to a new high, and I will say 98.00, if you’re a member you’ll get a price alert with this video so you’ll know what to do. If you’re not a member set a price alert on your software for $98.00. My contention is that if Tractor Supply ( NASDAQ:TSCO ) starts trading above $98.00, that’s too close to 100.00 for 100.00 to actually stop it. It will probably pause there and hiccup a bit. But my bet is, if it starts trading above $98.00 it will only be a few months before this $15.00 or so between the bottom and the top gets stacked on to the other side. It should go up to 110.00. Frankly my bet would be more like 120.00.
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