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Ocado Share Price Outlook: LON: OCDO Fondles With 200 MA

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Written By: Abdullah Sarwar
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    Summary:
  • LON: OCDO Outlook: Ocado share price forecast is not looking very bearish as the bulls struggle to find strength above 608p.

Ocado share price (LON: OCDO) is struggling to break above the 200-daily moving average on its chart. This moving average often becomes a dynamic resistance for the price due to its historical significance. Therefore, many traders wait for a breakout above it to go long on a stock.

On Friday, the UK shares showed a mixed sentiment as the FTSE 100 index didn’t show any significant gain or loss till press time. However, Ocado shares outperformed most of the shares as they rose 2% during the last trading day of the week.

The market analysts seem to be divided on the Ocado stock outlook. This is because many can’t decide whether it is a tech stock or a grocery stock. Consequently, out of the 12 major analysts that cover the stock, half are bullish and half are bearish.

Ocado Share Price Forecast

To make things more understandable, I present to you the technical analysis of the LSE: OCDO daily chart. You can easily identify a trading range with the highs and lows around 380p to 935p.

Currently, bulls are struggling to break above the previous lower high of 608p. Just above this level lies the middle of the trading range which may also act as a huge supply zone.

LON: OCDO Analysis

This post was last modified on Nov 24, 2023, 17:53 GMT 17:53

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.

Published by
Written By: Abdullah Sarwar