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April 05, 2023
Today at a glance: without a clear direction, Costco closed at $497.13 while ranging between $495.15 and $504.13.
United States Crude Oil Inventories didn't cause a noticeable effect even though it falls short expectations with -3.74 million.
This uncertain state for Costco is reflected by published market data as United States Crude Oil Inventories released earlier showed a marked improvement to -3.74 million from the preceding data of -7.49 million, but fell short of the -2.33 million figure forecast by a consensus of market analysts. United States ISM Non-Manufacturing PMI (Mar) came out at 51.2, while a consensus of analysts was expecting 54.5. United States ADP Nonfarm Employment Change (Mar) released today at 12:15 UTC with a figure of 145,000, while the previous figure was 261,000.
Costco made an initial break below its 200 day Simple Moving Average at $498.34, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $498.82 by around $1.69 with prices hammering out a $495.15 – $504.13 range by session close. Costco's upper Bollinger Band® is at $503.96, suggesting that a downward move may follow. In contrast, Costco is approaching key support, around $3.65 away from $493.48. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Although price action remains in a stalemate, technical analysis suggests Costco could be primed for a break to the downside.
Meanwhile, mixed performances were seen by other consumer staples stocks as Walmart added 1.66% to its value, and traded at $149.67. Coca-Cola traded at $62.8 after closing today's trading day at $62.21 (up 0.95%). Philip Morris International was up 1.23%.
Data to be released tomorrow might clear up some of the market fog as tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 200,000 from the preceding figure of 198,000.
The past 3 months have been positive for the wholesale company as it added 10.41% compared to its 3-month low of $416.43.
