justatrader

Tesco PLC - Missed entry by 6 points, but looking to buy on dips

LSE_EOD:TSCO   TESCO PLC ORD 5P
74 0 2
Tesco failed to dip to 196 support and missed the entry by 6 points, reversing at 202.
Divergence to RSI continues to build up as price and the oscillator makes a higher low. There is a descending wedge pattern formed with yesterday's price action breaking out. Buying on retest or any dips as long as 202.8 is not hit makes for a safe long position with stops now coming in at 196.

If the wedge break out hits 202 and then falls, then apply caution as a decline to 196 might be possible (which brings the previous scenario back into play). Arrows on the chart shows the ideal price action movement to be considered for longs.

Targets remain the same at 243 and 294.
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