Tesco PLC : Perfect timing to aim a technical rebound
Entry price | Target | Stop-loss | Potential |
---|
GBX 314.45 |
GBX 330 |
GBX 294.1 |
+4.95% |
---|
Tesco’s share price was heavily penalized and is now in an oversold situation near to a solid support area.
According to Surperformance rating, the company is an opportunity for a trading strategy. Indeed, it is a good compromise between its value and its visibility.
Technically, the security is in a negative configuration in the short term as the bearish trend of 20-day moving average, currently at GBp 336, shows. Nevertheless, the stock seems in an oversold situation, near to its GBp 300 support area in daily data. These levels might stop the bearish trend in the short term.
Therefore, the proximity of the GBp 297 support is an opportunity to take a long position in Tesco. The first goal is a return in the GBp 330 resistance area. A stop loss order can be placed under the GBp 297 support area.
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