Today’s instrument is the Costco Wholesale Corp.‘s stock traded in Nasdaq exchange under the ticker (COST).
When we look at the COST‘s chart, we see the steady climb from the $480 support level to the $515 range, consolidating along the way, forming a temporary support level at the $510 and then extending its rally further, pushing well into the $530 and reaching as high as $535. It was last found trading at the $528 range, with longer-term resistance found at $550 and closest support level at the $510 range.
Costco Wholesale Corp. has scheduled a quarterly earnings announcement today 03/03/2022. If earnings expectations are surpassed, we could expect the price to move upwards, towards the $550.
Today we can expect a move towards the $535 price level, another extension of the short-term trend.
If however, it doesn’t manage to hold on to the current level then a move close to the $510 closest temporary support can be expected.
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