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June 13, 2023
Today at a glance: Costco ended yesterday at $520.97. today it went up to $522.95 only to drop back, yet still managed to close at $522.
Meanwhile, United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%. United States Consumer Price Index released today at 12:30 UTC with a figure of 4%, while the previous figure was 4.9%. United States Core Consumer Prices came out at 0.4%, while a consensus of analysts was expecting 0.4%.
Costco is $2.66 away from testing key resistance at $524.68. Peaking above this level could inspire market bulls and open the path to further gains. Despite posting gains on today, Costco slid below its 3 day Simple Moving Average at $519.45 during the last session — an early indicator that a negative trend could be emerging. Costco's upper Bollinger Band® is at $530.57, this is a slight indication of a slowdown.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Costco is set for a reversal in the coming days.
This rally in Costco's share price coincided with other consumer staples stocks as Walmart traded at $155.3 after closing today's trading day at $154.1 (up 0.78%). Anheuser-Busch was up 0.85%. Philip Morris International was up 0.7%.
Today's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million. It previously stood at -451,000; data will be released tomorrow at 14:30 UTC.
Furthermore, the market is looking at tomorrow at 12:30 UTC data for United States Producer Price Index will be released, with an expected decline to -0.1% from the preceding figure of 0.2%.
Also worthy of note, United States Interest Rate is expected tomorrow at 18:00 UTC.
The wholesale company now trading 10.38% above its 3-month low of $446.69.
