The stock bolted higher out of the gate this morning as a result of its stronger-than-expected second-quarter outlook, up more than 11% at its session high of $44.80. TSCO is perched atop support from its 10-week moving average, but the $45 level could prove to be a challenging resistance level. This chart region previously served as a technical roadblock from 2003 through 2005, and it capped the equity's progress again last fall.

However, TSCO is the target of a healthy amount of skepticism on Wall Street. If this negativity starts to unravel in the wake of today's news, the momentum could help the shares tackle looming resistance.

For example, Thomson Reuters reports that the security's average 12-month price target from analysts is $41.86, representing a notable discount to today's intraday peak. Plus, Zacks reports that TSCO has seven lukewarm Hold ratings from brokerage firms, along with one Strong Sell rating. Any upgrades or price-target boosts from analysts could help the stock extend today's gains.

Short sellers could also provide the necessary catalyst to propel TSCO higher. A hefty 19% of the equity's float is sold short, representing 9.5 days' worth of buying power at the stock's average daily trading volume.

Elizabeth Harrow is an analyst and financial writer in the research department at Schaeffer's Investment Research. She is featured in the video series Schaeffer's Daily Q&A on SchaeffersResearch.com.