Tesco (TSCO) share price steady on subsiding fuel crisis – 30 Sep 2021

Tesco share price is steady in late morning trades as the energy crisis gradually subsides.

In fact, the fuel crisis is now ‘back under control‘ as one government minister said this morning. Petrol stations are being refilled again and there is no need to panic buy fuel.

While the energy crisis has lasted only a few weeks, the damage to the economy may be long lasting. So much so that macro traders are dumping Pound Sterling.

Cable (Sterling-US Dollar), for example, slumped to its lowest level this year. Should the energy crisis flare up again, another leg down is possible.

Turning to Tesco, investors remain sanguine about the supermarket’s near-term outlook. Tesco’s supply chain is still distributing products to its stores without significant delay.

Chartwise, Tesco is maintaining the multi-week uptrend but a fall below 250p may break the progression of rising lows.

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