After hitting T2 for a quick 10% gain, followed by the typical reaction off that resistance level, the TSCO (Tractor Supply Co) active swing trade has pulled back to the 52.58 support level & once again offers an objective long entry or add-on to an existing position.
TSCO daily Aug 16th
In addition to the recent bullish falling wedge breakout, TSCO also appears to be setting up in a potential Inverse Head & Shoulders Reversal (bottoming) pattern. Watching to see if the stock reverses off support here & finalizes the formation of the right shoulder. Should that pattern fully develop, with TSCO going on to breakout above both necklines, my expectation is for a rally up to the 68 area.
TSCO IHS pattern Aug 16th