Today’s instrument is the Costco Wholesale stock traded in the Nasdaq exchange under the ticker COST.
When we look at the COST’s chart, we can see that the company is in an upward trend, having reached its new all-time high level on the previous trading day at the level of $561.27 after announcing better than expected quarterly earnings.
Today, we could expect a correction towards the level of $545-550, and if able to hold above that level, then we should expect a re-testing of its resistance level at around $561.30.
If not able to hold above that level, then a further drop should be expected towards its support level at around $523.
(Click on image to enlarge)
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