COST pushes through key resistance level


Costco Co. (COST) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
COST rallies 3.0% on high volume
COST pushes through key resistance level
COST unable to break through key resistance level
COST closes higher for the 4th day in a row
COST pushes through previous session high
TQ Sentiment
Report Sentiment: 50% Bullish
Technical Forecast:
Overview

Moving higher for the 4th day in a row, COST ended Monday at 194.58 surging $5.67 (3.0%) on high volume. This is the biggest single day gain in over three weeks. Today's closing price of 194.58 marks the highest close since January 30th. Closing above Friday's high at 189.83, the stock confirms its breakout through the prior session's high having traded $5.97 above it intraday.

Daily chart for COST
Volatility

Monday's trading range was $4.42 (2.3%), that's above last trading month's daily average range of $3.85. Weekly volatility is also higher, being way above the markets average with the monthly volatility being above average.

Support/Resistance

Breaking through the key resistance level at 192.25 today, it is now likely to act as support going forward. Unable to break through the key technical resistance level at 195.52, the share closed below it after spiking as high as 195.80 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

With prices trading close to this year's high at 199.35, upside momentum could accelerate should Costco Co. be able to break out to new highs for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Costco Co.
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
52 Week High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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