In the past few sessions, Tractor Supply's shares suffered from a sharp fall and are now coming back to significant support level.

From a fundamental viewpoint, the equity relies in solid numbers where sales are expected to come up to USD 6.8 billion in 2016 from USD 5.1 billion in 2013. Net margins estimates are highly encouraging as they show a gradually growing forecasts that could be translated into better earnings. EPS anticipations remain steady and according to analysts consensus the target price is set at USD 75.6.

Technically, even if moving averages are still in a downtrend on a daily basis but an upturn in the USD 58.4 area should stop this trend and allow a technical rebound towards USD 63.15. Moreover, technical indicators show a significant oversold condition which strengthens a possible intervention of buyers on the stock.

The trading strategy may benefit from the proximity to the strong support at USD 58.4 in order to buy Tractor Supply. Investors might place a stop-loss order at USD 56.6 in order to avoid important losses.