TSCO.UK - Daily
Our expectations: The price is in ascending trend, and the last correction combined with the bullish Price Action provides the opportunity to borrow long with SL: 2.2750.
Alternative scenario: If the price passes below the support area and stays there, the positive scenario will be spoiled and more likely to observe a decline in the stock price.
Comment: The price is on an upward trend, with the latest corrective movement reaching a support zone formed by a basic diagonal, a horizontal support zone, 38.2% Fibonacci last wave correction, and 200SMA. 50 and 200SMA remain beached - the trend remains in place. CCI14 crosses 0 from the bottom up while the CCI50 remains slightly below 0 - the probable end of the corrective pulse. Price Action: The price reaches a support zone, after which it records a strong bullish momentum. Entry from current levels will be too risky, as an initial upward impulse pulls the price above the support zone. For this reason, it's a good idea to keep the action on our watch list and take a long lead in a re-test to minimize the risk.
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