Tesco for 19/09/2019

#DAX #JAPAN We’ve managed almost a year, since last covering Tesco. In December, we’d suggested it critical for the price to exceed 200p as it was teetering on the edge of an abyss. Somehow or other, the share started 2019 above this crucial level, doing okay in the period since. Just okay, not particularly brilliant.

At present it’s trading around the 235p level and once again, we’ll start with the dangers. Below 210p and reversal to an initial 193p looks probable. This will break the uptrend since 2016 and open the doors for a dangerous secondary at 182p. It’s dangerous, because it will represent a “lower low” below the trend with 150p presenting itself as a possible bottom for some time in the future.

For now, absolutely nothing justifies this gloomy outlook!

Instead, we’re able to calculate a trigger level at 244p. Closure above this point shall make upward travel to an initial 257p quite difficult to avoid. Better still, if exceeded our secondary calculates at 301p and a potential challenge against the long term downtrend which started 12 years ago!

Similar to many shares, Tesco is effectively marching on the spot at present, the market doubtless awaiting to see if Brexit comes with fangs or opportunities. In-house, our inclination is to watch for warning signs. As a result, we’ve circled a dip below RED at the end of December last year. This innocent little movement ‘proved’ the uptrend was not sacred and could be broken. Normally, this alone would make us suspect any excuse for negative market conditions will ensure a future break will suffer very sharp, very fast, reversals.

Unlike the experience of shopping in their stores, at present Tesco almost looks promising.

FUTURES

Time Issued

Market

Price At Issue

Short Entry

Fast Exit

Slow Exit

Stop

Long Entry

Fast Exit

Slow Exit

Stop

Prior

9:55:48PM

BRENT

63.12

               

9:57:42PM

GOLD

1493.71

               

Success

9:59:54PM

FTSE

7317.2

               

10:01:56PM

FRANCE

5633.8

               

‘cess

10:03:44PM

GERMANY

12418.11

12352

12326

12289

12419

12437

12443.5

12491

12352

10:05:33PM

US500

3006.77

               

Success

10:09:25PM

DOW

27158

               

‘cess

10:13:03PM

NASDAQ

7899.12

               

Success

10:14:59PM

JAPAN

22077

21909

21866.5

21792

22030

22090

22105.5

22171

21941

18/09/2019 FTSE Closed at 7314 points. Change of -0.08%. Total value traded through LSE was: £ 5,410,113,434 a change of -11.15%

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