TSCO.L stuck within tight trading range
TSCO.L ended Thursday at 249.80 gaining £1.00 (0.4%). Today's closing price of 249.80 marks the highest close since May 21st. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Thursday's trading range was £3.90 (1.57%), that's slightly above last trading month's daily average range of £3.47. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being way below average. Prices continued to consolidate within a tight trading range between 247.10 and 251.00 which it has been in now for the last three days.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.
Prices are trading close to a key support level at 248.40. After trading as low as 247.10 during the day, the market found support at the 20-day moving average at 247.25.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 251.20, upside momentum could accelerate should Tesco be able to break out to new highs for the year.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Market Conditions for Tesco
|Bearish Bounce off SMA 50||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|2 Consecutive Higher Closes||TQ Pro Members Only|
|Bounced off Technical Support S1||TQ Pro Members Only|
|Bullish Spinning Top||TQ Pro Members Only|
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