Tesco's confirmation week closes down 0.9%
Tesco slips 0.9% in its confirmation week, yet the higher lows keep coming
Tesco's confirmation week closes down 0.9%
Our view last week
This week Tesco triggered a fresh buy signal, ranking 5th among the 6 new Longs for European-UK stocks. The stock closed the week up 2.7%, with 5 rising daily lows in a row and the weekly structure still orderly above the Ichimoku cloud. The picture stays in transition though: the weekly ADX is slowing and volume is contracting. Tesco shares remain a name to watch with a cautious entry, not one to chase with full conviction.
This week's summary
Tesco shares closed the week with a sixth straight rising daily low, running from the 457 to the 473 area, though the picture cuts both ways: volume is contracting and the rejection bars are mixed. The first week since the buy signal fired closes down 0.9%, while the weekly structure stays orderly above the Ichimoku cloud. Tesco's technical analysis picture: solid, but one to handle with care.
IQS Phase
68
in tension
Signal Strength
44
medium · weak
Sizing
REDUCED
Ranking
#37 / 59
EU-UK stocks in progress
Trade P&L %
-0.91%
from signal to today
Rank position
ranks 37th among the 59 Longs already running for European-UK stocks in our ranking, with a signal strength of 44 out of 100.
Sector context
SectorEuropean
Benchmark ETFXLP
Sector regimeweak phase
Performanceweekly -1.24% · monthly -0.37%
TSCO belongs to the european sector (reference ETF XLP). The sector is classified weak phase according to our weekly reading.
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