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

By James Quinn

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. Yesterday's price range of $219.26 and $224.50 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. 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.

In the past 52 weeks, shares of Costco Wholesale have traded between a low of $154.11 and a high of $245.16 and closed yesterday at $223.93, which is 45% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has remained constant.

Costco Wholesale (NASDAQ:COST) is currently priced 6.6% above its average consensus analyst price target of $209.13. The stock should hit resistance at its 50-day moving average (MA) of $229.83, as well as support at its 200-day MA of $204.19.

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 recommended that its subscribers protect gains by selling shares of Costco Wholesale on September 17th, 2018 by issuing a Downtrend alert when the shares were trading at $233.05. Since that call, shares of Costco Wholesale have fallen 6.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle costco wholesale

Ticker(s): COST