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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 $173.02 and $173.92 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 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 $117.03 and a high of $183.18 and are now at $173.23, 48% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

There is potential upside of 3.4% for shares of Costco Wholesale based on a current price of $173.23 and an average consensus analyst price target of $179.13. The stock should discover initial support at its 50-day moving average (MA) of $152.54 and subsequent support at its 200-day MA of $151.59.

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: bullish inside day candle costco wholesale

Ticker(s): COST