Tesco : soars on earnings

The retailer posted better-than-expected results and outlook.

Uptrend 3

Tesco reported first half net pretax profit up to 551 million pounds from 428 million pounds a year earlier, on sales up to 28.72 billion pounds from 28.51 billion pounds a year ago. The company added : "whilst significant uncertainties remain, we now expect retail operating profit in the current year to be at least the same level as 2019/20 on a continuing operations basis."

From a chartist point of view, the stock opened with a bullish gap and breaks above its flat 50-day MA while the RSI is now in bullish territory. Therefore, readers should consider a new upleg above 210 with 235 and then 250 as next targets.

Source : TradingVIEW, Gain Capital

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