Tesco : the upside prevails

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Tesco : the upside prevails

The Board of Tesco announces its decision to repay to the UK Government and the Devolved Administrations the 585 million pounds of business rates relief received in respect of the COVID-19 pandemic.

From a chartist point of view, the stock consolidates above a former bearish channel drawn since the beginning of the year. Regarding technical indicators, the 50-day MA is positively oriented below prices while the RSI trades in bullish territory. Therefore, above 216, readers should consider a new up leg to test the 236 resistance and 250 in extension.

Source: TradingView, GAIN Capital

Related tags: Equities

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