Tesco LONG - Broken Resistance 220
Updated
Tesco are looking pretty good for 2019 climbing 33% from 190 in January to 253 at the end of April. They've been on a decline since then due to strong market competition, economical challenges looming with Brexit, increasing pressure from the discounters in particular Aldi increasing market share. Tesco have taken a slight dip in market share but still the clear favourite. Tesco look to have bottomed out and on the rise again.
3 year uptrend is strong.
RSI is trending upwards.
Resistance level of 220 broken.
Next level of Resistance at 242.
3 year uptrend is strong.
RSI is trending upwards.
Resistance level of 220 broken.
Next level of Resistance at 242.
Trade closed: target reached
Target of 241 has been reached and trade closed.8.3% profit taken after 8 days. (19 points)
I would be tempted to sit on this for a bit longer and see what happens between 240 and 244 though. My thoughts are that this will continue to 253, the RSI and market are bullish but I'll take my planned profit.
Thanks for reading.
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