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April 21, 2023
Without a clear-cut direction, Costco is trading around $505.94 and ranging between $505.46 and $510.64.
- Costco is currently trading at $505.94 following the release of Services PMI data from the United States.
- While flat so far today, Costco is on a 7 day bullish trend, gaining a total of $16.23 throughout.
United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5. United States Existing Home Sales (Mar) released yesterday at 14:00 UTC with a figure of 4.44 million, while the previous figure was 4.55 million.
Chart analysis suggests Costco is approaching key support, around $8.77 away from $497.17. 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. Trend and momentum analysis indicates that investors are seeking long positions as Costco price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that Costco's upper Bollinger Band® is at $505.16, suggesting that a downward move may follow.
Notwithstanding Costco's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Procter & Gamble gained 3.82%, currently at $156.61. Diageo is up 1.14%. Walmart added 0.38% to its value, now trading at $151.54.
The stock has been trending positively for about a month. The wholesale company has managed to gain 11.54% so far this year despite trading at lows around $416.43 previously.
