The Ocado share price is down heavily this Thursday after data from Kantar showed that the rise in grocery prices was starting to impact negatively on UK shoppers ahead of the Christmas shopping season.
Data shows that Tesco was the only grocery chain to record an increase in the 12 weeks preceding 31 October as UK inflation soared to 2.1%. This is the highest inflation figure since August 2020, with grocery sales plateauing at 12.4% of the total grocery market for the 2nd consecutive month.
The Ocado share price is down 2.76%; down for the second straight day after Tuesday’s 2.10% drop.
Ocado Share Price Outlook
The decline is putting intraday pressure on the 1741.5 support level. If the bulls fail to defend this support, 1699.5 becomes a new target for the bears. Additional declines would see 1629.5 and 1558.0 come into the picture as the other near-term targets to the south.
On the flip side, a bounce on 1741.5 would allow for a recovery move towards 1825.5 (6 August, 1/12 November highs). A further advance targets 1898.0, with 1995.0 also coming into the picture if there is a breach of the 27 May/12 July highs at 1950.0.
Ocado: Daily Chart
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