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by Koos van der Merwe
Here's a retail store to watch as the American economy recovers.
Position: Buy
Koos van der Merwe
Has been a technical analyst since 1969, and has worked as a futures and options trader with First Financial Futures in Johannesburg, South Africa.
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TECHNICAL ANALYSIS
Tractor Supply Company
06/05/14 01:54:54 PMby Koos van der Merwe
Here's a retail store to watch as the American economy recovers.
Position: Buy
| Tractor Supply Company (TSCO) is a large retail chain of stores that offers a number of products for home improvement, agriculture, lawn, and garden maintenance, as well as livestock, equine and pet care. It is a leading US retailer in its market. In 2004 Fortune magazine added TSCO to its list of the 100 fastest growing businesses. |
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| Figure 1. Monthly chart with Elliott wave count. |
| Graphic provided by: AdvancedGET. |
| |
| The chart in Figure 1 is a monthly chart that shows how the share price rose from a low of 49 cents in November 2000 to a high of $78.42 by December 2013. The Elliott wave count on the monthly chart is suggesting that the share price is correcting in a WAVE 4 with a target of $61.25 or $50.68. The target for WAVE 5 is $105.66. The PTI (probability index) is 54, suggesting that price could indeed rise to that level once WAVE 4 is complete. The RSI index is suggesting a sell signal confirming the WAVE 4 correction. |
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| Figure 2. Daily chart with Elliott wave count. |
| Graphic provided by: AdvancedGET. |
| |
| The daily chart in Figure 2 suggests that the share price is a buy at present levels. The stochastic indicator is suggesting a buy at the present level and the Elliott wave count is suggesting that the ABC correction is complete at $62.63. |
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| Figure 3. Daily Omnitrader chart showing Vote line buy. |
| Graphic provided by: Omnitrader. |
| |
| The chart in Figure 3 is the Omnitrader chart that brought the buy in TSCO to my attention. Note the buy signal given in the Vote line, based on the Red Green Strategy Long 6 and the Red Green Strategy Long Stop. The Advisor rating as shown in the chart is 84, a strong rating suggesting that a buy at the present price would be a profitable one. The TDIJak indicator and RSI indicator shown on the chart are suggesting a buy. I would be a buyer of TSCO shares at the present price for a long-term hold. |
Has been a technical analyst since 1969, and has worked as a futures and options trader with First Financial Futures in Johannesburg, South Africa.
| Address: | 3256 West 24th Ave |
| Vancouver, BC | |
| Phone # for sales: | 6042634214 |
| E-mail address: | petroosp@gmail.com |
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