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June 08, 2023
Yesterday at a glance: an influx of sellers pushed the wholesale company to session lows around $510.57 while establishing a $510.57 to $519.29 session range yesterday.
Highly important Crude Oil Inventories data from United States beat analyst expectations of 1 million with a reading of -451,000.
Amid the market gloom, United States Cushing Crude Oil Inventories came out at 1.72 million, while a consensus of analysts was expecting 719,000. United States Trade Balance (Apr) released yesterday at 12:30 UTC with a figure of -74.6 billion, while the previous figure was -60.6 billion.
Costco made an initial break below its 5 day Simple Moving Average at $514.25, a possible indication of a forthcoming negative trend. Costco's upper Bollinger Band® is at $523.19 which indicates a further downward move may follow. In contrast, Costco could begin to recover as it approaches significant support, now $3.13 away from $508.1. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Costco to extend its recent losses.
Costco was not the only decliner in the consumer staples sector; PepsiCo went down to $180.11, losing 0.8% after it closed at $181.56 yesterday. Unilever went down 0.72%, closed at $50.29.
On the other hand, positive performances could be seen by looking at other consumer staples stocks as Philip Morris International traded at $92.25 after closing yesterday's trading day at $91.62 (up 0.69%).
Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 235,000, following on from the preceding figure of 232,000. New data is set to be published today at 12:30 UTC.
The wholesale company has gained 12.64% since its lowest print of $446.69 earlier this year.
