Can Tesco extend the run of positive energy?
Independent analyst Alistair Strang studies the charts for clues about what could happen next at the FTSE 100 retailer.
28th August 2024 09:37
by Alistair Strang from Trends and Targets
Tesco’s share price looks like it intends to continue the run of positive energy it has experienced this year.
Near term, it looks like movement above 352.09p should promote further gains to an initial 360p with our “longer-term” secondary, if bettered, calculating at a future 380p and some very possible hesitation.
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We suggest watching for the market gapping the price up at the open anytime soon, as this will denote an intention of probably exceeding 380p. What’s amazing about this scenario is that it takes the share price into a big-picture zone, where a long-term 486 becomes possible, matching the highs of 2008.
If things intend to go very wrong for Tesco (LSE:TSCO), below 306p looks like the most dangerous trigger level, allowing weakness to an initial 287 with our secondary, if broken, at 251p and hopefully a bounce.
Source: Trends and Targets. Past performance is not a guide to future performance.
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
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