Tesco stock price forecast: Focus on GBX465.10 resistance as TSCO gains 1.70%

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Tesco up 1.7% today at GBX455.80

Highlights

Tesco repurchased 2,049,765 shares on June 4, 2026, progressing its £750 million share buyback and boosting shareholder stake.
The buyback has reduced share supply, supporting the share price and improving market liquidity, with £258.5 million spent so far under the 2025 AGM mandate.
Tesco trades in a strong uptrend with bullish technical signals, but overbought indicators suggest caution; the near-term price is expected to range between GBX446.50 and GBX465.10.

Share buybacks drive liquidity and demand amid reduced supply

Tesco PLC has actively continued its £750 million share buyback programme, repurchasing 2,049,765 ordinary shares on June 4, 2026, and bringing the total to 56,790,874 shares acquired at a cost of £258.5 million under the 2025 AGM authority. This systematic reduction of outstanding shares directly increases remaining shareholders' proportional stake and exerts mechanical support on the share price by decreasing available supply. The sustained pace of repurchases also enhances market liquidity, providing a clear rationale for persistent demand for Tesco shares.

Overbought signals emerge as price outpaces all technical supports

The MA-20 is at GBX445.31, MA-50 at GBX438.63, and the long-term MA-200 at GBX453.67, with current price above all. The Ichimoku Kijun level of GBX443.35 marks immediate support. Momentum indicators show MACD in Buy mode, ADX remaining neutral, and the Awesome Oscillator confirming the uptrend. RSI registers a high value of 81.63, signaling a buy, while Stoch RSI, CCI, and BBP all indicate overbought conditions and strong buyer dominance. The session is marked by low volatility, but a cluster of overbought oscillators points to potential short-term caution.

Sideways consolidation likely as upside risk outweighs downside

Over the next 2–3 trading days, TSCO is expected to remain within a volatility band of GBX446.50 to GBX465.10. The probability of further upside is very high, with downside risk considered minimal. The baseline scenario is for the price to hold in a sideways corridor, while a bullish outcome would see a clear breakout above resistance. A bearish scenario would involve a breach below immediate support.

Viktoras Karapetjanc, expert at Traders Union, highlights the strong alignment of Tesco's rising share price with its ongoing share buyback activity and robust market sentiment. He sees clear evidence that sustained repurchases are supporting both liquidity and price, while momentum and breadth indicators confirm a prevailing bullish regime. The analyst believes any near-term dips should be viewed in the context of structural strength. 'As long as Tesco maintains this disciplined capital return and technical momentum, I expect further upside within the GBX446.50–GBX465.10 band,' says Karapetjanc.

Earlier, analysts noted that Tesco’s share price was underpinned by active buybacks but faced technical caution due to overbought signals and resistance. The current continuation of robust buyback activity and a pronounced shift toward persistent upward momentum suggest traders should closely monitor for a potential breakout above the established resistance, as diminished downside risk and buyer dominance present a favorable setup for near-term gains.

Source of Data: TSCO Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.