The recent gap down will be filled in the next few days, giving the opportunity for investors to take a long position for some quick profits on this UK supermarket brand.
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 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.
