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May 12, 2023
A quick look at today: Costco recovered all the way back up to $504.07 after dipping down to $501.2.
On the flip side, United States Producer Price Index fell short of the 0.3% projections, with new data of 0.2%. Data from United States concerning Initial Jobless Claims was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 242,000 to 264,000 this month.
Meanwhile, United States CFTC Crude Oil speculative net positions released today at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800.
Costco could be slowing down soon as it approaches resistance at $506.33. Of course, crossing it might suggest further gains are ahead. Bollinger Band® analysis indicates that current price action is approaching the upper band at $510.54, thereby suggesting that Costco is becoming overvalued.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Costco is set for a reversal in the coming days.
A look at other consumer staples stocks also showed bullish price action as Procter & Gamble added 1.02% to its value, and traded at $155.96. Coca-Cola traded at $64.11 after closing today's trading day at $63.86 (up 0.39%).
While Costco was bullish today, the following consumer staples stocks underperformed: Diageo went down to $178.22, losing 2.58% after it closed at $182.94 today.
The stock has been trending positively for about 2 months. The wholesale company has managed to gain 11.26% so far this year despite trading at lows around $416.43 previously.
