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April 11, 2023
A quick look at yesterday: pronounced bullish sentiment in the market helped the wholesale giant to make a notable 1.62% gain yesterday, rising $7.83 and ultimately closing at $493.83.
With regards to technical trend indicators, chart analysis show that Costco made an initial breakout above its 21 day Simple Moving Average at $488.21, a potential indicator of a newly emerging bullish phase. Costco formed a session range of $482 to $493.9 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $491.13. Analysis based on the asset volatility indicates that Costco's upper Bollinger Band® is at $499.83, this is a slight indication of a slowdown. Technical analysis of Costco's past price action reveals multiple support and resistance levels: Costco could be slowing down soon as it approaches resistance at $497.94. Of course, crossing it might suggest further gains are ahead.
With market volatility ebbing, the current technical outlook indicates Costco will remain range-bound for the immediate future.
Costco went up yesterday, yet these consumer staples stocks did not follow — Anheuser-Busch lost 2.08% yesterday and closed at $64.96. Procter & Gamble went down 0.83%, closed at $152.22. PepsiCo stumbles 0.63% yesterday to close at $184.36.
Yesterday'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 -1.3 million, having previously been at -3.74 million. The figure will be published tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices is expected tomorrow at 12:30 UTC.
The stock has been trending positively for about a month. The wholesale giant has gained 9.1% since its lowest print of $416.43 earlier this year.
