Technical Level to watch on CostcoI'll just stick to the technicals on this one. So its really quite simple after breaking above 140/141 resistance price continued on to the -1.27 Extension of the 132 / 141 Range it was consolidating within. So I'll be looking for evidence of bidders re-entering the stock at the retracement to previous resistance turned support at 140 / 141. In equities I am a strong believer in averaging into positions taking some profits along the way for income but leaving the bulk of positions running until the marathon has exhausted itself, so if I enter long I'll be taking some initial profit off the table at 145.70 and leaving the rest to run. If price breaks above 145.70 i'll be managing the stops as we go and waiting for price to break above 153.10 to average in a tad bit more and taking some profit off the table once again. Repeating the process over and over.
Note: I do monitor the options trading taking place in equities for clues of institutional buying / selling, so it's just a tool I think would be helpful to equity traders.. especially with earnings 22 days away.
Other scenario: Price breaks support and heads to retest minor support at 135.00 or 132.50, in which I'll have to re-evaluate the plan to the current action.
