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Tractor Supply Trade Setup: The Measured Move

Tractor Supply (TSCO) has been grinding higher since the March 2020 lows of $63.00. There have been no major pull backs along the way as the stock is now up 122% in less than 5 months. The Tractor Supply trade setup is clear as of today. There is a classic measured move on the chart that triggered in the last few days. Swing traders looking to capitalize off a pullback can short the stock here and look for a retrace to the $115.00 range. The measured move can be seen clearly when looking at the collapse in March, from $101 to $63 ($38 drop). Once Tractor Supply broke above $101, add that $38 (measured move) and you get $139. The stock is hammering around that level the last few days and likely running out of steam before a pull back. A pull back to $115 represents a retrace to the former all-time high that was made in July 2019. This is extremely good support. This Tractor Supply trade setup is a high reward and low risk setup based on the extension move, overbought indicators, plus the measured move.

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