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July 01, 2023
A quick look at yesterday: bullish sentiment helped the wholesale company to hammer out a noteworthy $533.63 to $539.56 range yesterday, and finally closing at $538.38 to end the session.
At the same time, United States Core PCE Price Index (YoY) (May) released yesterday at 12:30 UTC with a figure of 4.6, while the previous figure was 4.7. United States Core PCE Price Index (MoM) (May) came out at 0.3, while a consensus of analysts was expecting 0.3. United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -208,300, while the previous figure was -239,300.
Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that the Relative Strength Index indicates Costco is currently 'overbought' which suggests new gains will be harder to obtain. According to asset volatility analysis, Costco's upper Bollinger Band® is at $538.53, this is a slight indication of a slowdown. Technical chart analysis shows Costco could be slowing down soon as it approaches resistance at $540.75. Of course, crossing it might suggest further gains are ahead.
Overall, while Costco has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in Costco's share price coincided with other consumer staples stocks as Walmart added 1.88% to its value, and traded at $157.18. Procter & Gamble gained 1.58%, as it traded at $151.74. Anheuser-Busch was up 2.03%.
The stock has been trending positively for about a month. The past 3 months have been positive for the wholesale giant as it added 9.67% compared to its 3-month low of $450.19.
