AvaTrade - Analytics

    AvaTrade

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    Tesco formed a symmetrical triangle pattern, will you trade?

    Tesco stock price has formed a symmetrical triangle pattern on a daily time frame. These patterns are ranked towards the bottom of the ranking because of their inability to complete their projections. Generally speaking, these patterns break in the direction of the trend and if it does break towards the downside we see the price breaking both support zones which are mentioned below. The price is also trading below the 50 day and 100 day moving average and this confirms that the trend is towards the downside.

    The momentum indicators the RSI and MACD are trading in line with he price action which means the bias remains towards the downside unless the price breaks above the 50 and 100 day moving averages.

    Tesco 10-07-2015

     

    Important Zone

    292-283 Major Resistance

    253-246 Minor Resistance

    184-176 Minor Support

    164-156 Major Support


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