TSCO.L closes below its opening price unable to hold early session gains

Tesco (TSCO.L) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team


TSCO.L closes below its opening price unable to hold early session gains
TSCO.L closes within previous day's range


TSCO.L finished the week 0.98% higher at 216.90 after losing £1.40 (-0.64%) today, slightly underperforming the FTSE 100 (-0.16%). Trading £1.70 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on October 1st, TSCO.L lost -0.63% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (TSCO.L as at Oct 12, 2018):

Daily technical analysis candlestick chart for Tesco (TSCO.L) as at Oct 12, 2018

Friday's trading range has been £4.60 (2.1%), that's slightly below the last trading month's daily average range of £5.07. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for TSCO.L.

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Buying could accelerate should prices move above the nearby swing high at 222.00 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 212.10 where further sell stops might get activated.

Market Conditions for TSCO.L as at Oct 12, 2018

Loading Market Conditions for TSCO.L (Tesco)...
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TSCO.L closes within prior day's range

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