Tesco Share Price Outlook: Two Days of Gains, But Has the Advance Stalled?

The Tesco share price is seeing new demand on Tuesday after the company inked a new partnership deal with InPost. This partnership seeks to set up parcel lockers at 500 Tesco supermarket outlets in November, bringing the number of InPost parcel machines in Tesco UK stores to 700.

The two-day gains seen in the Tesco share price have brought some relief to investors who saw their shares dive last week amid the ongoing fuel supply crisis in the UK. Along with Shell and BP, Tesco has issued statements seeking to calm the public about the situation. A statement by Tesco said the company had good fuel availability and was working hard to ensure its stations across the UK got regular deliveries every day.

The Tesco share price is up 0.68% on the day as of writing.

Tesco Share Price Outlook

The 2-day climb this week has pushed Tesco to the cusp of the 254.10 resistance. If the bulls uncap this resistance barrier, 259.80 becomes the next available target. 264.30 and 267.15 are the next targets on the line if the advance continues, with the latter forming new 2021 highs if attained.

On the other hand, rejection at 254.10 could prompt a corrective selloff, which targets 250.35 in the first instance. Additional targets at 247.45 and 245.00 become available once the decline takes out the 250.35 support level.

Tesco Share Price Chart (Daily)

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