Tesco share price bearish divergence points to a pullback

buy tesco shares despite tesco profits 2023 [https://invezz.com/wp-content/uploads/2023/04/shashank-verma-p82-qsyyfru-unsplash-1-scaled.jpg] Tesco share price has pulled back in the past few weeks as the recent rally took a breather. It retreated from the all-time high of 445p on September 8 to 433p today. This price is about 43% above the lowest level this year. This article explores why the TSCO stock may drop after forming a bearish divergence pattern. UK RETAIL SALES STEADY The Tesco stock price rose slightly on Friday after the Office of National Statistics (ONS) published the latest retail sales data. This report showed that the country’s retail sales rose slightly in August even as the country continued to experience inflationary risks. The headline retail sales rose by 0.5% in August from July. This increase was in line with the growth in July and was higher than the median estimate of 0.3%. It translated to an annual increase of 0.7%, also higher than the expected growth of 0.6%. The report also showed that the retail sales excluding fuel rose by 1.2% on a YoY basis, also higher than the sector…