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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. Today's price range of $277.50 and $279.05 is within yesterday'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.

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.

In the past 52 weeks, Costco Wholesale share prices have been bracketed by a low of $189.51 and a high of $284.31 and are now at $278.60, 47% above that low price. The 200-day and 50-day moving averages have moved 0.39% higher and 0.57% higher over the past week, respectively.

Costco Wholesale (NASDAQ:COST) is currently priced 24.9% above its average consensus analyst price target of $209.13. Costco Wholesale shares have support at the 50-day moving average (MA) of $272.33 and additional support at the 200-day MA of $239.43.

SmarTrend is monitoring the recent change of momentum in Costco Wholesale. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Costco Wholesale in search of a potential trend change.

Keywords: bearish inside day candle costco wholesale

Ticker(s): COST