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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. Yesterday's price range of $305.76 and $307.82 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.

Costco Wholesale (NASDAQ:COST) defies analysts with a current price ($301.98) 30.7% above its average consensus price target of $209.13. Costco Wholesale shares have support at the 50-day moving average (MA) of $298.90 and additional support at the 200-day MA of $281.06.

Costco Wholesale share prices have moved between a 52-week high of $314.28 and a 52-week low of $205.75 and closed yesterday at 47% above that low price at $301.98 per share. 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 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: bullish am inside day candle costco wholesale

Ticker(s): COST