Tomorrow we have results from Sainbury's ( SBRY
LN), in recent times the share prices have performed pretty well (H1). In terms of Co. specific news we will be looking out for news regarding the pension deficit which has increased from GBP 389mln to GBP 900mln - GBP 1.3bln according to reports in the Times. Also another thing to consider is the recent acquisition of Argos which also needed GBP 50mln to fill a pension deficit. Analysts do believe that pre tax profits and revenues will increase. Be aware tomorrows price movements may be dictated by macroeconomic themes (US election).
We are right in the middle of two distribution points today with value either side if reports come in strong the upper value area of 279.87 looks to be the first target and if we see a bad set of results the 245.00 value area could be a support zone