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June 19, 2023
Friday at a glance: an influx of sellers pushed the wholesale company to session lows around $522.73 while establishing a $522.73 to $530.42 session range Friday.
Costco made an initial break below its 3 day Simple Moving Average at $526.13, a possible indication of a forthcoming negative trend. A "bearish engulfing" pattern — a scenario when a larger red candle engulfs a smaller green candle, at the top of a prevailing uptrend. Typically this is a signal of lower prices in the near term. In contrast, Costco could begin to recover as it approaches significant support, now $2.94 away from $520.71. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Costco to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the wholesale giant is expected to attract significant bearish sentiment in the coming days.
Costco was not the only decliner in the consumer staples sector; Walmart falls 1.39% Friday to close at $157.73.
On the other hand, positive performances could be seen by looking at other consumer staples stocks as Procter & Gamble added 0.73% to its value, and traded at $149.54. Coca-Cola traded at $61.67 after closing Friday's trading day at $61.23 (up 0.72%).
Furthermore, United States Building Permits (May) is scheduled for tomorrow at 12:30 UTC.
Costco hit a significant low of $450.19 around 5 months ago, but has since recovered 17.55%.
