$TSCO at a layer of support currently and looking likely to pull back to the zone near p226 where the fast and slow-moving averages, as well as the bottom of the cloud, are located. Then price is looking to continue a downtrend as shown by the bearish Ichimoku cloud (daily timeframe). Potential short setup @p226. Thoughts on this analysis?
02 October 2020
Tesco PLC. Price Could be Approaching
Potential Weekly Area of Demand.
One to Watch, For Long Bias.
Tesco PLC, is a British
and general merchandise retailer.
This Analysis show that there is a gap between TESCO or Morrisons and M&S os Sainsbury it means that:
M&S os Sainsbury should be a long position and TESCO or Morrisons should be a short position to close the gap.
Further analysis would be required on each Market to define the investment
This British supermarket (consumer staple) stock is touching the 50% fib line at the same time as a neat upward tramline. It has consistently reacted to these technical indicators in the past, and of course fundamentally, is doing well out of the current crisis. It has of course already rebounded, but if it dips again, a good buy at 208, SL 198, TP 266 RR 7.
Weekly chart shows a rising channel. While city lockdowns forced some frenzied panic, if the markets continue to sell on the virus spreading, this channel can break to the downside. If so, target the lows.
Good Luck and Stay Healthy!
-In the daily chart: Price action has consolidated into a rangebound symmetrical triangle, this usually symbolises continuation (to the upside) but I do not discount the possibility of a short if we fail to breakout long and in-turn breakout in the opposite direction.
Identifying a breakout: In this case price has had bullish candles deviate outside of...
BUY – TESCO (TSCO)
Tesco PLC (Tesco) is a retail company. The Company is engaged in the business of Retailing and associated activities (Retail) and Retail banking and insurance services.
It’s been a tough few months for Tesco shareholders with the shares having slumped over 13% from the 2019 high. The business has embarked on a massive overhaul...
Tesco is expected to drop to 1st support at 220.3 where it could potentially react off and up to 1st resistance at 237.5.
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Hi fellow traders! Tesco really has to potential to move either side tomorrow! Hopefully to the upside however, considering its sale growth, over past consecutive quarters.
Tomorrow, Tesco PLC are going to be releasing their full year results tomorrow (10th April 2019). This could give the potential for this stock to spike upwards. Investors will be keen to see...
Tesco PLC looks to be trading in corrective mode at the moment as we pull back towards the 38.2% Fibonacci retracement level. Stochastic is also moving into oversold territory. If we start to see some support coming in around the 38.2% level around 234 and we get a bullish crossover on stochastic we would have a good low risk long trade set up.
A 2019/2020 crash would have many casualties, With their huge debt and market saturation from competitors, Tesco could be one of them , too big to fail? A monthly close below 148 = a sudden drop into 'no mans land' and potential disaster for the company, 28p may or may not hold the weight of the fall.
TSCO is testing its support at 189.75 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap support) where price is expected to bounce up to its resistance at 207.00 (61.8% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is testing its support at 2.2% where a corresponding bounce is expected.
Tsco is testing its support at 195.20 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support) where it could potentially rise to its resistance at 220.65 (38.2% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is testing its support at 2.5%.
At times bad with crypto, I try to look into other markets and see if there is any opportunity for use because all we need for profit, is volatility. Now we have the TSCO stock on the chart and what we see is long bear market going on. Now, NASDAQ, APPL and most of the other big companies had a fall in their price recently and as for the past times...
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.