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TESCO PLCTESCO PLCTESCO PLC

TESCO PLC

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Will Tesco Breakout Soon?Tesco is gaining more and more strength as it attempts to release itself from the consolidation zone. In my previous post here , price had broken through a resistance level. The next level we need price to break is the resistance level of the consolidation zone. Should price fail to break that level then price may remain within the consolidation zone for a while longer or it could attempt to break through the consolidation support level. Price remains above the 50 & 200 simple moving averages on the Weekly and Daily timeframes so the bias is bullish. Remember that we can not predict which way the market will go and this is why we need a breakout to confirm trend direction. If price breaks above the resistance level then this gives us the confirmation that there should be more movement to the upside and puts the odds of a profitable long trade in our favour. Lets wait and see what happens with Tesco going forward. Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments! Sublime Trading
LSE:TSCOLong
by Sublime_Trading
Tesco May Be Starting a New UptrendTesco has broken the resistance level. The previous pattern consisted of lower highs and lower lows. This may now change to higher highs and higher lows and if this is the case then we may see a bull trend form. We would preferably like to see pullbacks that are not too deep and we want frequent breakouts in an uptrend which would indicate to us that we are in a strong uptrend. Price is above the Weekly and Daily 200 simple moving averages which gives us a bullish bias. On the daily timeframe (not shown) there was a gap up after price broke above the resistance level and if the momentum continues then we could see a strong uptrend unfold. Price trended well in the past from 2003 to 2007 from £1.55 to £4.70 so time will tell if price will be able to repeat that trending period again going forward. As price has just broken out of consolidation it would be best to wait for another breakout before considering a long trend. Patience for now as we wait for a trend to form. Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments! Sublime Trading
LSE:TSCOLong
by Sublime_Trading
Tesco after earnings #tscoNews this morning - Tesco H1 18 Earnings Results: Revenue: GBP28.3B (est GBP27.62) Dividend: 1p and UK LFL Sales Up 2.2%. Two members of Tesco's financial team resigned in 2014 because they were concerned that their professional integrity was being compromised by what they were being asked to do by their bosses, a court heard on Yesterday. Now we have cleared the major value area, we should look at price action on any potential retest. Also if volume continues to back this upward trend look for a rest of 220p
LSE:TSCOEducation
by RajDhall
6
TESCO - BUYING THE CORRECTION Nice chart, i have been waiting for Tesco share price to drop finally below 170 for some weeks, so i can start pick up some longs. I am seeing good potential on this stock for a possible bull move above 220, but it will take some time. The correction might come to an end in the coming weeks. The alternative scenario would be that price breaks down, and bears push it to 100. 150 should not be broken. Please use proper risk management, make your own analysis and dont overrisk on one trade. Blessings to you all.
LSE:TSCOLong
by IamJeanPaul