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Possible Bearish Inside Day Candle Pattern Detected for Costco Wholesale (NASDAQ:COST)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Costco Wholesale (NASDAQ:COST) based on the price action in the company's shares. Yesterday's price range of $244.28 and $245.36 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Costco Wholesale may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Costco Wholesale has traded in a range of $189.51 to $247.09 and closed yesterday at $245.34, 29% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.9%.

Costco Wholesale (NASDAQ:COST) is currently priced 14.8% above its average consensus analyst price target of $209.13. The stock should discover initial support at its 50-day moving average (MA) of $228.92 and subsequent support at its 200-day MA of $223.71.

Costco Wholesale Corporation operates wholesale membership warehouses in multiple countries. The Company sells all kinds of food, automotive supplies, toys, hardware, sporting goods, jewelry, electronics, apparel, health, and beauty aids, as well as other goods.

SmarTrend is tracking the current trend status for Costco Wholesale and will alert subscribers who have COST in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle costco wholesale

Ticker(s): COST