After closing the previous trading day at $496.03, Costco is up to $501.67, which makes for a move of 1.14%/$5.64 today.
Costco is currently trading at $501.67 following the release of Existing Home Sales (Mar) data from the United States.
On the flip side, United States Initial Jobless Claims published today at 12:30 UTC came out at 245,000, falling short of the 240,000 projections and continuing its decline from the previous 240,000 figure.
Meanwhile, United States Existing Home Sales (Mar) came out at 4.44 million, while a consensus of analysts was expecting 4.5 million. United States Philadelphia Fed Manufacturing Index (Apr) released today at 12:30 UTC with a figure of -31.3, while the previous figure was -23.2.
Costco made an initial breakout above its 200 day Simple Moving Average at $499.64, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $498.82 by around $2.85 with prices hammering out a $495.75 – $501.91 session range. Costco broke through the $498.07 resistance, climbing $3.6 above it. Despite this, a "bearish engulfing" pattern — a scenario when a larger red candle engulfs a smaller green candle, at the top of a prevailing uptrend. Typically this is a signal of lower prices in the near term. Bollinger Band® analysis indicates that current price action is approaching the upper band at $502.37, thereby suggesting that Costco is becoming overvalued.
According to technical analysis, it looks as if Costco likely to continue pointing upward in the short term.
This rally in Costco's share price coincides with other consumer staples stocks as Unilever added 0.83% to its value, now trading at $54.3. Procter & Gamble is trading at $150.66 after ending yesterday's session at $150.3 (up 0.24%).
While Costco is higher so far today, these consumer staples stocks are struggling: Philip Morris International is down 4.6% from the beginning of the session and now trades around $96.84.
The stock has been trending positively for about a month. The wholesale giant has managed to gain 9.43% so far this year despite trading at lows around $416.43 previously.