- Summary:
- Tesco share price rebounds on the day after Tesco joins food provision task force assembled by Man United star Marcus Rashford.
Tesco share price is up today after the company was announced as one of the major UK food brands to team up with Man United star Marcus Rashford in tackling hunger among children. Tesco will therefore be part of the taskforce that Rashford is assembling towards achieving components of the UK’s National Food Strategy.
According to a Reuters report, the points endorsed by Rashford in the National Food Strategy will focus on expanding the free school feeding programs for children, raising the value of Healthy Start vouchers as well as broadening the provisions given to kids already participating in the school feeding program during their holidays.
This is yet another palliative program that Tesco will be involved in after it had launched its version of the Eat Out to Help Out campaign that provided broader provisions than the UK government’s program of the same name. Tesco is also launching a new community scheme tagged Bags of Help, which aims to provide £1,000 in grants to more than 2,000 community-based projects across the UK between October and December 2020.
Tesco share price is receiving buying interest on the day and presently trades at 218.7 or 1.91% higher.
Technical Outlook for Tesco Share Price
Tesco share price action is on the verge of breaking a losing streak that has seen the stock sustain 6 consecutive days of losses. A potential bullish harami is in the making, but this would need confirmation from a bullish outside day candle to confirm a short-term bullish reversal.
The active daily candle has met resistance at 220.2. Any further upside requires a breakout from this level, which would allow Tesco share price to target the 224.0 resistance. 228.0 and 231.4 mark additional resistance targets in the near-term.
On the flip side, a breakdown of the 214.0 support is required for Tesco share price to resume the decline towards 211.3, with additional support provided by the 206.5 price area.
Tesco Share Price Chart (daily)
