Ocado Share Price Outlook: LON: OCDO Fondles With 200 MA
Ocado share price (LON: OCDO) is struggling to break above the 200-daily moving average on its chart. This moving average often becomes a dynamic resistance for the price due to its historical significance. Therefore, many traders wait for a breakout above it to go long on a stock.
On Friday, the UK shares showed a mixed sentiment as the FTSE 100 index didn’t show any significant gain or loss till press time. However, Ocado shares outperformed most of the shares as they rose 2% during the last trading day of the week.
The market analysts seem to be divided on the Ocado stock outlook. This is because many can’t decide whether it is a tech stock or a grocery stock. Consequently, out of the 12 major analysts that cover the stock, half are bullish and half are bearish.
Ocado Share Price Forecast
To make things more understandable, I present to you the technical analysis of the LSE: OCDO daily chart. You can easily identify a trading range with the highs and lows around 380p to 935p.
Currently, bulls are struggling to break above the previous lower high of 608p. Just above this level lies the middle of the trading range which may also act as a huge supply zone.