The Tesco share price is up today after the company announced some changes regarding some of its food products. The company plans to start selling unwashed potatoes as part of a plan to reduce food wastage. 262 Tesco stores in the UK have been selected for the pilot project to stock unwashed potatoes, which tend to have a longer shelf-life when compared to the washed versions.
Also, the company is planning to stock plant-based alternatives for every meat product it stocks in its stores within four years. This action is a consequence of allegations made by Greenpeace about the unethical manner in which one of Tesco’s suppliers from Brazil is sourcing its meat products. David Lewis, the CEO of Tesco, has outlined the commitment of Tesco to reduce its meat and dairy product lines by offering plant-based options in a response letter to Greenpeace.
Tesco had earlier in 2020, pledged to rebalance its food offerings by increasing sales of meat alternatives by 300% in 5 years. Tesco share price is up by 1.1% on the day.
Bulls should be excited by the falling wedge formation on the 4-hour chart. This increased potential for a breakout, targeting a projected price point of 231.4. This move would have to take out 224.0 and 228.0 to be actualized.
On the flip side, the presence of potential resistance at the upper border of the wedge could be the barrier that beats back price towards 220.2, with a good potential for aiming towards 217.5 as the wedge’s lower border becomes relevant to a possible price oscillation. There is still room for the wedge to evolve further, which could make for the price to bounce around the channel’s borders.
