Tesco shares at risk of a wobble
They've had a spectacular run up to multi-year highs, but what do the charts say about the country's largest grocer? Independent analyst Alistair Strang reveals all.
14th January 2025 07:32
by Alistair Strang from Trends and Targets
Tesco (LSE:TSCO) look certain to continue to experience some share price reversals, movements this year tending to suggest the market is looking for an excuse to gap things downward.
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Currently, below 358p looks capable of triggering reversals to an initial 353p with our secondary, if broken, at 349p.
The problem with these reversal levels is the price moves into a region, where we can calculate an eventual 324p as a potential bottom with a bounce. This is why we suspect the market shall find an excuse to punch Tesco downward with a gap at the open as it’d be a shame if traders were allowed to ride such a relatively small decline.
Currently trading around 360p, the share price needs above 376p to give any hope as this should trigger further gains to an initial 390p with our secondary, if bettered, an impressive 403p and some hesitation.
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.
Alistair Strang is a freelance contributor and not a direct employee of Interactive Investor. All correspondence is with Alistair Strang, who for these purposes is deemed a third-party supplier. Buying, selling and investing in shares is not without risk. Market and company movement will affect your performance and you may get back less than you invest. Neither Alistair Strang or Interactive Investor will be responsible for any losses that may be incurred as a result of following a trading idea.Â
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