Following the success of its version of the Eat Out to Help Out scheme, Tesco’s share price is on the up today after a popular talk show host unveiled the company’s new project that offers shoppers some free money for Christmas shopping. There is a 6% “boost” promo for Christmas shopping for those who put money into their Tesco Clubcard Saver account before Tuesday, October 20.
The Tesco Christmas Saver scheme requires shoppers to save money all year round to be able to get savings to shop in Tesco stores. According to famous ITV show host Martin Lewis, the company has created a window to let shoppers save from now till October 20 to be able to get a 6% Christmas shopping bonus.
Investors are snapping up Tesco stocks today in anticipation of what this scheme could do in terms of the company’s revenues during the holiday season.
Technical Outlook for Tesco
Tesco share price remains range-bound, bouncing off the 214.0 support level to gain 0.7% this Friday. This upside push has allowed the active daily candle to resume the move towards 220.2, which is expected to be the next upside target. Above this level, 224.0 forms another potential upside target and intersects the channel’s return line on the weekly chart to create a possible price cap. Only a break of this price level allows Tesco to aim for the 228.0 and 231.4 resistance levels.
On the flip side, a rejection at 220.2 or the channel’s return line sets the stage for the price to resume the downside as it targets the channel’s lower border. This move targets the 214.0 and 211.3 support levels along the way. Only a breakdown of 206.5 allows the price to reach the channel’s lower edge.
Tesco Share Price Chart (weekly)