COST trade ideas
Short COST on throw-overThis 120m chart of COST shows a pattern that I trade frequently - the ending diagonal. It is a setup that, when identified correctly, can result in sharp moves lower as the stock breaks out of its impulsive sequence. I recently placed a similar trade on INTC that is working well.
As COST grinds higher in a converging wedge, it looks to have "thrown-over" trendline resistance. This is common in ending diagonals as price makes one final push before breaking lower through the bottom of the channel. Initiating a short position at 207.50 for a move back toward 180. A sustained rally through 215 will cause me to reevaluate the trade.
$COST Over-extended on Weekly Chart$COST Costco looking over-extended on the weekly chart, appears to be holding within the upward channel limits. Valuation getting a little rich compared to industry average (P/E almost 50% > industry average).
Assuming this trend line holds, Costco could be overdue for a correction back to the area of the 50d ema or ~$190 by next ER (Oct).
Note: Observation/opinion, not investment advice.
COST Daily Bullish bat patternIt's been a while since I posted COST idea last time as it didn't really give any great daily set-up.
In terms of this daily bat, the pivot isn't the perfect one as it didn't make new high afterwards, so a nice reversal sign near 178 is necessary for this trade!
I like to turn to retail consumers sector when it comes to market fluctuation, it won't hurt as much when the market pulls back and it can follow the market's rally.
Let's see how it goes!
COST at top of trend channel COST Is trading at the top end of a channel which has developed over recent weeks. Although it's not apparent long term on this chart (no Trading View stock data on a monthly level long term?), it's also trending at the top of a long term channel.
The wave chart appears to have completed a correction at about 183.00 , and is currently at the top side of the first rise. I expect an imminent correction back to the 187.00 level (approx), before a rise to 197.00 area.
$COST Head and shoulders setting up?$COST on the intra day charts is setting up what appears to be a head and shoulders pattern. The measured move would take price back to short term support. My stop loss for the short will be the 190 breakout level. Will be watching for nasdaq weakness in the days to come to initiate the trade. Thanks for viewing and enjoy!
Costco: Another Recent Breakout Long Entry - Up 13% in 16 DaysThis stock chart shows a breakout above the Blue Indicator Resistance line.
In my book this is a breakout and I went long on November 24, 2017.
Position is profitable, because I already sold 1/2 of it, and my stop is above entry.
This means it is virtually impossible for me to loose money on this trade.
COST potential weekly reversal?Based on the past weekly pattern, COST maybe due to for a pull back after earnings this Thurs. I am looking for a either a reversal for a push above the old high and reverse around 191, or just a fail after the earnings announcement. Anyway, it would be interesting to watch. But if the stock stays above the 188 to 191 zone, I would back off.