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Technical Analysis on Tesco PLC (Weekly Chart)

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Kbee
Occasional Contributor

Technical Analysis on Tesco PLC (Weekly Chart)

Hi all,

 

Thought it would be fun to post my TA of London listed Tesco.

 

Tesco PLC has broken out of its falling wedge formed since the 4th Quarter of 2016 (chart attached). This breakout was confirmed by a temporary move above the most recent lower high (formed in May this year). Despite the immense pressure faced this week, the short to medium term sentiment seems to be on the bullish side. A likely scenario is a move towards 210 pence (1st target), with a continuous move up to the 250p level in the medium term. This pattern would fail with a move below the 165p.

 

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