Tesco, buyers are back in the driver's seat
Tesco gains 1.1% this week as its Sell signal keeps losing ground
Tesco, buyers are back in the driver's seat
Our view last week
Tesco gains 1.5% in the week just closed, in week 8 of a sell signal: buy volume climbs back to 48% after a low of 9% in mid-June, and momentum is recovering ground. On the daily chart a double bottom is taking shape in the 433 area, with an intermediate rebound of 5%: the bearish front looks to have lost part of its drive.
This week's summary
Tesco's rebound is now in its third straight week: after the mid-June plunge the stock is back within reach of its recent highs, with the weekly RSI up at 53 and buyers controlling 75% of volume. The Sell signal, in its 9th week, is losing steam — the short is now down 5%. Tesco's weekly technical analysis shows price boxed between the 471 and 476 areas, a tight range that favors the recovery.
IQS Phase
38
ordinary
Signal Strength
2
decline fading out
Sizing
MINIMUM
Ranking
#46 / 54
EU-UK stocks
Trade P&L %
-5.12%
from signal to today
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