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June 25, 2023
Friday at a glance: Costco closed a flat day of trading at $524.44 Friday after ending Thursday at $524.2.
Costco's upper Bollinger Band® is at $530.83, suggesting that a downward move may follow. On the other hand, note that Costco made an initial breakout above its 10 day Simple Moving Average at $522.39, a potential indicator of a newly emerging bullish phase. Costco is approaching key support, around $7.44 away from $517. 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 Coca-Cola lost 1.05% Friday and closed at $61.2. Procter & Gamble closed at $148.46 (down 0.99%). Anheuser-Busch stumbles 1.33% Friday to close at $57.89.
The stock has been trending positively for about 30 days. The wholesale giant has recovered 16.44% since descending to a significant low of $450.19 around 5 months ago.
