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COSTCO WHOLESALE CORP COM STK USD0.005COSTCO WHOLESALE CORP COM STK USD0.005COSTCO WHOLESALE CORP COM STK USD0.005

COSTCO WHOLESALE CORP COM STK USD0.005

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0I47 trade ideas

Pull Back Fishing - Head and ShouldersHow low will she go? Looks to be extreme selling pressure and has broken bottom bollinger band with MA set at 80. Perhaps the sellers will become exhausted soon. COST appears to have formed a head and shoulders several weeks ago and has suffered a large decline in the aftermath. COST has met targets one on the short side which is unusual in a bull market. (see chart for targets 1 and 2). WMT is following the same pattern. As a rule, head and shoulder patterns do not perform well in a bull market. Inverse head and shoulder perform well in a bull market. The opposite or vice versa, is true in a bear market. Deeply oversold on RSI. Watching only and not a recommendation
NASDAQ:COST
by lauralea
2
Head and ShouldersHead and shoulders patterns have a tough time meeting downward targets in a Bull market..they do best in bear markets..but... I do not like negative charts..especially when I know lots love and are in this stock. It is a strong stock and I am sure it will recover when the time is right..I could have put the neckline at 359.50 but was cutting COST some slack and this is a bull market..for now COST is also in a channel down and a falling wedge which can be bullish if price breaks upper trendline which is around 358ish. Just be safe.. Not a recommendation
NASDAQ:COST
by lauralea