Tractor Supply ran into Supply
The Tractor Supply Company has this lower trend line or supply holdin it up, & It has held up very nicely so far. I've been watching this since end of April and it's starting to get very large volume bars coming in for both sellers and buyers at this area. I'm looking for those Fibonacci levels to be tested. Looking left you can see the white circles that have consolidation areas supporting resistance areas. And looking right you can see how it lines up with moving averages in Fibonacci areas, acting as confluence. the white arrow pointing to the trend line is where i see this going to before a pullback. if it ends up losing the lower trend line then this can see a lot lower towards a low of about $9. one thing that is concerning is the sloping moving averages. if it can close above that upper trend & hold above for 3-4 months, that would be ideal for bullish momentum to continue towards the 2.618 fibonacci lvl & ATHS, likely the 3.618 fib lvl