COST pre-earnings updateNASDAQ:COST August sales show a YoY 5% increase. They don't report until the 26th, but this suggests that we'll see a decent quarter. Current analyst 12mo consensus is ~$570.
The breakout from its symmetrical triangle didn't reach the full extension that I had originally drawn. Taking a measured move into the pattern from an area of prior resistance, we can see the where the pattern will tighten within the triangle, and the proportional extension when it exits. The breakout of from this pattern puts COST back into its long term rising channel.
I anchored variable weighted average price from the May dividend, and then two more from two recent pivot points. Right now we can see that price finds support at the VWAP from dividend and is running into resistance at the VWAPs from recent pivots. This suggests that ~530 will remain key support. A close below 530 could retest 509-520. A close below 510 would be cause for concern.
I added a lot below $510, took profits between $550-560, and began reaccumulating at ~$530. Right now I'll plan to keep accumulating between ~530-535, and any opportunities between 510-520. I'll re-evaluate if we see a close below the rising channel.
