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 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.
-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...
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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