Yesterday at a glance: without a clear direction, Costco closed at $499.45 while ranging between $495.69 and $507.42.
United States Core Durable Goods Orders is next.
Costco's state is reflected by market data as United States Crude Oil Inventories beat the 1 million projections, with 2.59 million. United States New Home Sales (Sep) came out at 603,000, while a consensus of analysts was expecting 585,000. United States 5-Year Note Auction released yesterday at 17:00 UTC with a figure of 4.192, while the previous figure was 4.228.
Costco made an initial breakout above its 50 day Simple Moving Average at $503.28, a potential indicator of a newly emerging bullish phase. Costco is approaching key support, around $5.16 away from $494.29. 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. In contrast, Costco's upper Bollinger Band® is at $502.8, suggesting that a downward move may follow.
With market volatility ebbing, the current technical outlook indicates Costco will break higher above its recent ranges in the immediate future.
Meanwhile, mixed performances were seen by other consumer staples stocks as Philip Morris International traded at $89.58 after closing yesterday's trading day at $88.5 (up 1.22%). Coca-Cola traded at $59.39 after closing yesterday's trading day at $58.95 (up 0.75%). Procter & Gamble was up 0.7%.
Data to be released today might clear up some of the market fog as United States GDP is projected to outperform its last figure with 2.4. It previously stood at -0.6; data will be released today at 12:30 UTC. United States Pending Home Sales projected to come out at -5% — worse than previous data of -2%; data will be released tomorrow at 14:00 UTC. Projections for United States Core Durable Goods Orders are set for a continuation of decline with 0.2% while previous data was 0.3%; data will be released today at 12:30 UTC.
The wholesale company is now trading 17.92% below the significant high of $608.05 it set around 6 months ago.