can it bounce back soon? — TradingView News
The Tesco share price pulled back and moved into a correction, falling by 11% from its highest level in November last year. It was trading at 425p on Wednesday, down from the all-time high of 481p. This article explains what to expect as technicals point to more downside in the near term.
Tesco share price technical analysis
The daily timeframe chart shows that the TSCO stock price has pulled back in the past few months, moving from a high of 481p in November to the current 424p.
It has dropped below the 23.6% Fibonacci Retracement level at 438p, while the Supertrend indicator has turned red. Additionally, the stock has moved below the 50-day and 100-day Exponential Moving Averages (EMA), a sign that bears are in control.
At the same…
