Thursday, December 10, 2020 2:16 PM EST
Shares of Costco Wholesale Corp (COST) are set to report earnings after the close today. Analysts have loft expectations, with big beats expected on the top and bottom line. However, there is a Costco earnings trade alert that says otherwise when looking at the chart.
The Costco stock chart has a crystal clear head and shoulder on it. Should the neck-line break going into earnings at $371.50 and there is no support until $357.00. This implies a potential hard sell on earnings today from Costco. This Costco earnings trade alert comes with risk, but the risk/reward makes sense. Upside would be $388 to a double top while the downside is $357.00. In addition, the other technical indicators scream overbought on Costco.
(Click on image to enlarge)
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