Price is in a firm up trend despite retracing recently and in recent Kantar surveys showed the Co.'s market share decline 3.2% but stand at a respectable 10.4% with Tesco still in the lead at 28.2%. However, recent news for the Co. has been positive with the tie up with Amazon and their last set of earnings showing an increase in revenues.
R3 230.14
R2 Intraday...
Price is in a firm up trend despite retracing recently and in recent Kantar surveys showed the Co.'s market share decline 3.2% but stand at a respectable 10.4% with Tesco still in the lead at 28.2%. However, recent news for the Co. has been positive with the tie up with Amazon and their last set of earnings showing an increase in revenues.
R3 230.14
R2 Intraday...
Daily chart – Bullish break from symmetrical triangle
Rebound from symmetrical triangle support followed by a break above 194.00 (Aug 12 high) coupled with bullish daily RSI and money flow index suggests prices are likely to target recent cyclical high of 210.10 (Mar 7 high).
Only a day end close below 187.40 (Aug 17 low) would signal bullish invalidation.
Daily chart shows a bullish break from symmetrical triangle formation. Prices breaking above Aug 9 high adds credence to the rebound from triangle support seen today.
Furthermore, we also see a bullish break on daily RSI from flag pattern.
Hence, prices appear on track to test 200.00 levels.
