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Morrisons is trading at 232p. The stock is performing relatively well when compared with other supermarkets and the broader retail sector, which is unusual as the retailer has underperformed over the past 15 months.
Morrisons revealed a 5.6% increase in like-for-like sales in the six-week period running up to the first week of January. As with other supermarkets, it has lost market share to deep discount shops like Aldi and Lidl.
Less than a year ago, the supermarket announced a joint venture with Ocado in a bid to claim some of the online grocery market share, which came into effect in January, as the lack of online service was holding back its share price. Ocado posted a 23% rise in sales for 12 weeks until 23 February; the partnership with Morrisons was cited as a reason for the jump in revenue.
The share price is finding resistance at the 50-day moving average of 241p. A breakthrough could set us on the path to the 100-DMA of 255p, although, if the figures fail to impress traders, the price could head towards the recent low of 225p.