Yesterday at a glance: Costco was steady yesterday maintaining a $522.08 – $527.05 range before closing at $523.37.
Uncertainty around Costco is reflected by published market data as United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.974, while the previous figure was 4.192. United States 2-Year Note Auction released yesterday at 16:30 UTC with a figure of 4.505, while the previous figure was 4.46.
Costco made an initial break below its 3 day Simple Moving Average at $523.03, a possible indication of a forthcoming negative trend. Costco's upper Bollinger Band® is at $535.07, suggesting that a downward move may follow. In contrast, Costco is approaching key support, around $2.09 away from $521.28. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Costco is positioned for a downward move in the near term.
Meanwhile, mixed performances were seen by other consumer staples stocks as PepsiCo gained 1.92%, as it traded at $184.82. Coca-Cola traded at $62.08 after closing yesterday's trading day at $61.14 (up 1.54%). Procter & Gamble added 1.27% to its value, and traded at $144.38.
Data to be released today might clear up some of the market fog as United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.5%; data will be released tomorrow at 13:30 UTC. United States New Home Sales (Oct) will be released tomorrow at 15:00 UTC. United States Initial Jobless Claims projected to decline to 225,000 while previous data was 222,000; data will be released tomorrow at 13:30 UTC.
The past 6 months have been positive for the wholesale company as it appreciated 25.66%, having traded as low as $416.43.