Looking at the chart now, you can see since the merger was announced price gapped higher to trade around 315p. We now have a new consolidation range between 294 - 327p and I am waiting to see if we get a break on with high volume
today. On the downside keep an eye on the previous consolidation top specifically 294 and 280p and the next resistance is the 350p psychological level.
Details from todays
· Total retail sales up 0.8 per cent (excl. fuel) with like-for-like sales up 0.2 per cent (excl. fuel)
· Grocery sales grew 0.5 per cent with Groceries Online and Convenience up 7.3 per cent and 3.6 per cent respectively
· General Merchandise sales grew by 1.7% and Clothing sales grew by 0.8%, both outperforming the market