While UK Supermarket giant, Tesco, yesterday squirmed amid
shock revelations that its beef burgers were contaminated with horse meat (of
all things!), it’s share price took a tumble, after gapping down. However, it
later recovered to unveil a rather interesting price action set up.
As we trade what we see off the chart, regardless of how
vulgar the prospect of horse meat is in your burger – the current technical
set-up could very well be of interest to you...but only if you trade UK stocks.
In favour of a long of the break of yesterday’s high:
Bullish pin bar reversal
The previous swing high acting as support
Rejecting a previously tested 20ema (blue line)
Rejecting a trendline (3rd test)
Good momentum driving cyclicity; higher swing highs and
higher lows
A Fibonacci cluster: 0.382 rejection and 0.618 over lapping
No comments:
Post a Comment