Tesco – Bad Earning But Stock Up
AvaTrade | Apr 22, 2015 07:44AM ET
Tesco (LONDON:TSCO)’s stock price is moving in a sideway pattern on a 60 minute frame. The price has bounced sharply from its lows of 156.36 and has been consolidating since the price has crossed the 229 level. The price is trading below the 50 day and 100 day (shown in yellow and red colour respectively) moving averages and this represents that the bears are in control of the price. Tesco’s stock price move is currently ebing pushed lower by the 50 day moving average and this is acting like a resistance. Therefore, the price needs to break above both 50 day and 100 day moving averages, before the upward trend can gain momentum.
The MACD and RSI indicators are showing clear divergence in relation to the price action which means that while the price is moving lower, the momentum indicators are not confirming this, thus the bias could be towards the upside.
Important Zone
248-.37-246.83 Resistance
230.93-229.27 Support
Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam
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