Tesco share price is higher today following the news that Charles Wilson, who heads the Booker wholesale business arm of the company, will be stepping down in February 2021. He is to be replaced by currency Chief Product Officer Andrew Yaxley.
Wilson’s retirement completes the exit of the most powerful trio in the company’s management, with CEO Dave Lewis and CFO Alan Stewart indicating they would leave in September 2020 and April 2021 respectively. Walgreens Boots Alliance former executive Ken Murphy will take over the position of CEO at the end of the month when Lewis leaves.
Tesco share price is currently trading at 271.1, or 0.6% higher this Monday as investors are hoping that a breath of fresh air at the top of Tesco will help the company get back to pre-pandemic levels in the shortest time possible.
Technical Outlook for Tesco
Tesco is trying to build on the bullish harami pattern of last week which failed to get follow-through buy orders to allow it take off. However, Friday’s bounce on the 214.0 support appears to have found some follow-through buying this Monday. Further upside on the stock will depend on the price clearing the high price of the day 1 candle in the harami candle formation, which lies at the 220.2 resistance level (8 July and 3 August highs). This action will allow Tesco share price action to aim for the 224.0 resistance, with 228.0 and 231.4 lining up as future targets to the north.
On the flip side, rejection at 220.2 or lack of follow-through buying could lead to further weakness, which will target last week’s support at 214.0, with 211.3 and 206.5 as potential downside targets if 214.0 gives way.
Tesco Share Price Chart (daily)