Costco Wholesale: An Expected Move Towards The $535 Price Level
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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