After ending yesterday at $488.55, Costco is currently trading at $495.29.
United States EIA Short-Term Energy Outlook is next today at 17:00 UTC.
Costco made an initial breakout above its 50 day Simple Moving Average at $493.58, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $494.33 by around 95.816 cents with prices hammering out a $488.54 – $495.67 session range. On the other hand, note that Costco price action is currently oscillating around the $494.2 resistance level with prices moving above and below several times during the session.
Overall, looking at the technical analysis landscape, it seems Costco might continue pointing upwards in the short term.
This rally in Costco’s share price coincides with other consumer staples stocks as Walmart is trading at $143.47 after ending yesterday’s session at $142.45 (up 0.72%). Unilever added 0.93% to its value, now trading at $46.73. PepsiCo is trading at $181.5 after ending yesterday’s session at $180.21 (up 0.72%).
Today’s gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with 1.1 million. It previously stood at -3.12 million; data will be released tomorrow at 15:30 UTC.
Furthermore, the market is looking at United States EIA Short-Term Energy Outlook is scheduled for today at 17:00 UTC.
The wholesale giant has shed 9.84% over the past three months.