- Summary:
- Can the Tesco share price surpass 220GBP after the launch of its Christmas discounted shopping scheme in the face of new lockdowns?
Tesco share price is higher today as the company launched a discounted Christmas shopping package for all its customers.
As the Christmas shopping season approaches, Tesco has announced that it will slash the prices of essential items to help as many shoppers as possible go through a potentially severe spell created by the coronavirus pandemic.
Tesco’s Clubcard Prices Scheme is being made available to all customers to enable them secure discounts on items from several notable brands as well as the company’s products. The card scheme will be redeemable online and offline.
Tesco’s boss Jason Tarry has urged Scots to start shopping early for Christmas. But as new lockdowns kick in and fears of panic bulk buying spread, Tarry is also urging shoppers to buy just what they need, so every shopper could shop quicker and in a safer environment. He, however, insisted that stocks of products remained at “good” levels, signifying the company’s readiness to cope with the increased demand during the season.
Technical Outlook for Tesco Share Price
Tesco share price is 1.61% higher on the day, but this may not be enough to stop the stock from ending the week lower. Today’s uptick has found resistance at the 214.0 price level, which served to cap price since Tuesday.
The candles of Thursday and Friday on the daily chart form a bullish engulfing candle. There needs to be a bullish follow-through that breaks the 214.0 resistance to allow the pattern to evolve as expected, targeting 220.2 as the initial target. This price level intersects the channel’s return line, and a break of this border allows 224.0 and possibly 228.9 to come into focus as new targets.
On the other hand, failure to break the 214.0 resistance as a result of lack of follow-through buying brings 211.3 into focus as the next downside target, with 206.5 lining up as an additional target to the south if the price decline continues.
Tesco Share Price Chart (daily)
