A quick look at yesterday: after dropping down to $452.53, the wholesale company recovers some losses and is currently trading at $457.82.
United States Consumer Confidence is next.
This uncertain state for Costco is reflected by published market data as United States Building Permits (Nov) came out at 1.34 million, while a consensus of analysts was expecting 1.49 million. United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -3 million, while the previous figure was 7.82 million. United States Housing Starts (Nov) came out at 1.43 million, while a consensus of analysts was expecting 1.4 million.
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. In contrast, Costco is climbing away and is now $2.96 from the $454.86 support line.
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 Walmart was up 0.88%. Diageo went down to $178.44, losing 0.77% after it closed at $179.82 yesterday. Unilever gained 0.36%, as it traded at $50.65.
Data to be released today might clear up some of the market fog as today at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -1.66 million from the preceding figure of 10.23 million. United States Initial Jobless Claims expected to decline to 222,000 while its preceding data was 211,000, data will be available tomorrow at 13:30 UTC. United States Existing Home Sales (Nov) is expected today at 15:00 UTC.
The wholesale giant reached a significant high of $608.05 around 8 months ago but has lost 24.57% since then.