Head and ShouldersIn this market, this may or may not break the blue neckline. The neckline is strong support as long as price is over it..This pattern is a H&S top, opposite of an inverse head and shoulder that is bullish. Both have a neckline but on the inverse H&S, the neckline is resistance..
If it does be safe..
Strong stock and so far the support there is holding. The pattern is not valid unless neckline is broken. (blue line)
The handle low from a previous cup and handle pattern appears to be holding as support..
Not a recommendation
Emotions are not tangible, I can not touch an emotion. Yet emotions build patterns and influence supply and demand in a big way.
Right now, the market would have me believe the uptrend will never end. I look around me and turn on the news when I can stomach it, and it looks like the economy is breaking apart and sinking like the Titanic.
The market is never wrong though, so it has to be me..just be safe out there
COSTD trade ideas
COSTCO (Long Term) Buying Opportunity COSTCO WHOLESALE,
- Market cap of 150+ B
- In my opinion, this is a great long-term old, one company with rising sales in eCommerce and in physical stores.
- In the past few weeks the price of NASDAQ:COST had a correction of 10%.
- The RSI is almost oversold on the daily.
- MACD showing exhaustion of selling on the daily.
- 50 SMA about to get hit
- Price about to hit weekly support of 350$
- Parallel channel about to get it
$COST Costco Bullish among the weak.
Bullish move above the 50ma showing relative strength in a bloody market.
Alert set for move above Fin Golden pocket at $382.
Targets $387.77 Hourly candle resistance
$391 Monthly candle
Volume impressive,
MACD bullish crossover
Histogram positive
RSI crossed Mid-point
COST breakout from falling wedge?COST has a beautiful falling wedge and I am looking for a break up of the trendline as well as 365.76. I have highlighted two potential paths there in pink and orange. This projection will be invalidated if it falls out of the wedge. 357.14 is a very key level to see a bounce as a break of that support likely means this projection has been invalidated. Time frame is looking to be no more than one week, though it could extend slightly beyond.