While on a 4 day slump, falling a total of 10.24%, Similar trend today: the wholesale company slides down from $488.66 to $484.03, losing $4.63 (0.95%).
Costco is currently trading at $484.03 following the release of EIA Short-Term Energy Outlook data from the United States.
While price action maintains a negative bias, United States ISM Non-Manufacturing PMI (Nov) came out at 56.5, while a consensus of analysts was expecting 53.3. United States Trade Balance (Oct) released today at 13:30 UTC with a figure of -78.2 billion, while the previous figure was -74.1 billion. United States Exports is released with a new figure of 256.6 billion, this is down from preceding data of 258.5 billion.
Technical chart analysis shows Costco could begin to recover as it approaches significant support, now 66 cents away from $484.69. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Having stamped out a session range of $482.3 to $491.47, Fibonacci-inclined Costco traders were highly concentrated around active Fibonacci support at $483.51. According to asset volatility analysis, Costco's lower Bollinger Band® is at $481.47, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates Costco will remain range-bound for the immediate future.
Costco's stock value drop coincides with after closing the previous session (yesterday) at $151.65, Walmart lost $1.04 and is trading around $150.61. PepsiCo is trading around $182 (down 0.61%).
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -3.88 million. It previously stood at -12.58 million; data will be released tomorrow at 15:30 UTC.
7 months ago the wholesale company reached a significant high of $608.05 but has consequently lost 19.63% since then.