Tesco share price is up today after the UK government replaced the isolation protocols for daily contact testing in food sector staff who have been pinged following primary or secondary contact with a coronavirus case.
Previously, staff of companies operating in the entire UK food sector supply chain who were pinged had to isolate, resulting in crippling staff shortages immediately. These shortages, coupled with the existing personnel shortages resulting from Brexit, had threatened to produce empty shelves in supermarkets, causing media outlets to warn of an impending “pingdemic”.
The UK government will set up priority testing sites to start the immediate implementation of the new policy. Tesco’s investors responded positively to the news, sending Tesco share price upwards by 1.40%.
Today’s upside move has violated the 234.25 resistance. Further buying momentum could take Tesco’s share price toward 236.25, with a clearance of 239.70, allowing the uptrend to resume.
On the other hand, a decline below 229.35 could follow a rejection at current levels. Below this level, the correction could continue towards 224.00 and 220.20, in that order if there is a lack of buying momentum.
