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.
Morrison Supermarkets has outperformed the FTSE 100 index by over 10% in the last 3 months. The shares are also outperforming their sector index in the same period. The shares have completed a base pattern on the weekly charts and look set to keep pushing higher over the medium to long term.
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.