This week we have earnings released for Tesco, the chart technically gives us an opportunity as well. If we make it lower to the trend line and 200 SMA, it would give a great reward-risk ratio. Or sell through the trend line as well. Entry here is subjective and of course depends on the broker you use.
Great idea on Tesco, glad that we have the same bullish view. For our set up, we have identified major resistance and support levels. Price is currently testing our first support at 195.2 which is made up of 61.8% Fibonacci extension , 76.4% Fibonacci retracement and a horizontal swing low support. We found a major resistance at 220.6, where u have highlighted as well, and it is made up of 38.2% Fibonacci retracement and a horizontal swing high resistance. Stochastic is testing its support at 2.5% and we might see a corresponding rise in price should a bounce occur. Please take a look at our idea and let us know what you think.