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Tuesday, February 7, 2012

TSCO

I have been waiting for TSCO to pull down to the bottom of the gap for an entry point, but it never did it, and instead broke out to the upside today.  The odd thing is that this reported last week and actually dropped after the report, but not enough to bring it down to support. What prompted today's move is unknown. I have a target projected by the two pivot points it established, and it hit it (and then some) today, but pulled back to around the middle of the range, which is about where I got it. If it has trouble breaking through the top line I will likely dump it, but if it breaks through I will probably add to it. The price relative line is not very impressive, but compared to what I have been seeing lately in breakouts, it is strong in comparison.

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