Will A New Product Change the Fortunes of the Ocado Share Price in 2022?

Summary:

Will the Ocado share price get some succour from the new product to be launched by the company on 26 January?

The Ocado share price has lost the earlier gains of the day and is trading lower this Tuesday, in what is turning out to be an underwhelming day for UK grocery chains.

Despite the decline in the share price, there are indications that Ocado could be gearing to tease the market with several new products in 2022. One of these is being touted by the company as a “game-changing technology”, and is due to hit the markets on 26 January.

While details of the product have not been made public, there are indications that the company may be delving into the virtual shopping space if the video released by the company shortly before the announcement is anything to go by.

The company needs a turnaround in fortunes to stop the slide of 2021 and get back to winning ways in 2022. Ocado is down 0.48% as of writing.

The 1558.0 support is being challenged. A breakdown of this level opens the door towards 1486.5. 1415.0 is the other support level that enters the mix if the 1486.5 support gives way.

On the other hand, the bulls would be aiming to force a bounce off the 1558.0 support. This bounce targets 1630.5 initially before 1699.5 comes into the picture as an additional support target. 1769.0 and 1824.5 will only become viable targets to the north if the advance continues.