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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Costco Wholesale (NASDAQ:COST) based on the price action in the company's shares. Today's price range of $166.25 and $166.86 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. Traders and investors interested in shares of Costco Wholesale may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Costco Wholesale share prices have moved between a 52-week high of $169.73 and a 52-week low of $117.03 and are now trading 42% above that low price at $166.55 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

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.

Costco Wholesale (NASDAQ:COST) is currently priced 2.0% above its average consensus analyst price target of $163.24. The stock should find initial support at its 50-day moving average (MA) of $152.54 and further support at its 200-day MA of $151.59.

SmarTrend recommended that subscribers consider buying shares of Costco Wholesale on May 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $150.79. Since that recommendation, shares of Costco Wholesale have risen 10.2%. We continue to monitor COST for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle costco wholesale

Ticker(s): COST