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King of Charts Zak Mir says Tesco recovery may see shares rise to 230p

Published: 06:59 05 Oct 2016 EDT

Shares in Tesco Plc (LON:TSCO) can rally up to 230p per share in the coming months, according to technical analyst Zak Mir, who says the supermarket’s chart has been hinting at a recovery for some time.

The chart guru, in a Tips TV segment for Proactive Investors, notes that momentum is with the FTSE 100 share and with all the bad news seemingly out the bears now have little to cling to.

“We were very much looking at the recovery [in the share price] even before the news came out today,” Mir says.

“We’ve broken the 200-day moving average, with higher lows above it at the end of last month.

“In fact if you look at the 50-day and 200-day moving average they are both rising, that means there’s probably going to be a golden cross buying signal over the next week or two.”

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