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April 26, 2023
A quick look at today: Costco shed 1.69%, falling to $494.66.
United States's Crude Oil Inventories new data released of -5 million below its previous figure.
Following a previous reading of -4.58 million, Crude Oil Inventories in United States released today at 14:30 UTC fell short of the -1.49 million figure expected by analysts with an actual reading of -5 million.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — highly important Core Durable Goods Orders data from United States beat analyst expectations of -0.2% with a reading of 0.3%.
Meanwhile, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000.
Costco's notable support and resistance levels: Costco could begin to recover as it approaches significant support, now $4.58 away from $499.24. Dipping below could be an indication that further losses are ahead. With regards to technical trend indicators, chart analysis show that Costco made an initial break below its 200 day Simple Moving Average at $499.96, a possible indication of a forthcoming negative trend. Having stamped out a session range of $493.39 to $502.87, Fibonacci-inclined Costco traders were highly concentrated around active Fibonacci support at $498.82. According to asset volatility analysis, Costco's lower Bollinger Band® is at $484.84, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates Costco will remain range-bound for the immediate future.
Costco was not the only decliner in the consumer staples sector; Procter & Gamble closed at $154.58 (down 1.16%). Diageo closed at $187.26 (down 0.92%).
On the other hand, positive performances could be seen by looking at other consumer staples stocks as Anheuser-Busch traded at $66.2 after closing today's trading day at $65.65 (up 0.84%).
Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Pending Home Sales data is projected to fall short of market expectations with newly published data of 0.5%, following on from the preceding figure of 0.8%. New data is set to be published tomorrow at 14:00 UTC. Projections for United States GDP are set for a continuation of decline with two while previous data was 2.6; data will be released tomorrow at 12:30 UTC. United States Initial Jobless Claims projected to come out at 248,000 — worse than previous data of 245,000; data will be released tomorrow at 12:30 UTC.
The stock has been trending positively for about a month. The wholesale giant has managed to gain 11% so far this year despite trading at lows around $416.43 previously.
