Tesco: An Expected Move Near The Resistance Level

Today’s instrument is the Tesco Plc. stock traded in LSE exchange under the ticker TSCO. 

When we look at the TSCO chart, we can see the moving from £292 to reaching as high as £297 at the start of the week, but being unable to consolidate and hold its ground at that level it started to fall on January 7th, slowly and steadily towards £290 and forming support at £289. During yesterday’s session managed to recover some ground with a close at £293. It was last found trading at £290 at the premarket session close to the £289 support.

Today we could expect a move above £293 possibly near the resistance level of £297.

If however, it doesn’t manage to hold the £290 then a case for a move below £289 could be expected.

(Click on image to enlarge)