COST UpdateTarget hit, looks for a reversal next week, maybe even Monday
Probably only a one or two day trade after the reversal. Expect it to whipsaw until earnings like last quarter
Way overbought
COST trade ideas
Costco: Finally Starting To Look OverboughtCOST is an above average company with great execution on it's business plan. However, the stock, which now trades at a RICH 44x FWD earnings, is beginning to look expensive - given that's a premium to the market's long term average of 15x earnings, and even still a 30% premium to COST's average valuation over the last 5 years.
Combined with the recent UMCSI readings which are bearish for consumer facing businesses, and the overbought RSI & ADX readings, it's time, at the very least, to take some profits in this name. We don't like outright shorting good companies unless they go parabolic though, so we're looking to pair a short here with something that we think is well positioned -- CTLT or COO. Well positioned names in a well positioned sector - this comes from our proprietary capital flows model.
Cheers all!
Good Trade Idea for next breakoutThis consistently tests resistance after breakout. So watch for pattern next time and buy the breakout.
$COST what a crazy recovery...Somehow I pull out a small profit on next week $435 puts by closing them at open. Going to let Costco do it's thing now, it tested a pull back and was bought with a vengeance.
$COST Fib test...I don't do fibs, so going to try a chart with one here. Target $437 to start if we pull back...
COST UpdateOverbought like crazy but not shorting until $460 - $475 range
Kinda funny I made money with puts last earnings then it goes parabolic, lol.
$COST put spread idea...Taking a try here at an 8/20, $425/$415 put spread at $0.38. Max profit $9.6, unlikely, target $2-$3 if we have a few percent pull back over the next 3 days. GL!
$COST WTF???...Wow, what an amazing run....but now seems prime for a bit of a pullback, on watch for a short
COST: Breakout alert!COST is about to hit its ATH soon. The volume is decent and the buying pressure is high. Buy here and hold till 450.
Stop: 372
Limit: 446
I love Costco but I will short it!Not and advice this is just for fun guys. Do not chase the money do it for fun :)
COSTCO Strong buy opportunity on a 2-year old fractalPattern: Channel Up on 1W.
Signal: Buy as the price broke above its Resistance (and November 2020 High), in a similar sequence as the April-May 2019 fractal. Even the RSI sequences are identical indicating that the price is breaking outside of this consolidation pattern.
Target: Within the 1.5 - 2.0 Fibonacci extension zone (as in 2019).
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COST broke out of a long term resistance. Can it hold?It's been a few days since COST broke out of the long term resistance of $389.58 that was forming since November 2020.
The question now is, can it hold?
Two reasons why I think it can.
1. It consolidated after a move higher and made a new 52 week high
2. Its expected to do well in the coming year.
Now, looking at its past performance I think COST will come back to retest the $387.60 to $389.58 range before moving higher.
The main reason why I think this is because the breakout didn't have a large amount of volume kicking it higher; and because the follow through also doesn't have a lot of volume.
Final thought:
COST did break and I think it'll continue to move higher but not before retesting the broken resistance.
This is one to keep an eye on for sure.
COST STOCK BUY OR LONG, TARGET $460COST has confirmed the "Cup And Handle" pattern, the target will be the $460 area with a loss of 6%.
CupAndHandle
3 U.S. Stocks That Appear Overextended To the UpsideThe following names appear overextended to the upside and may be due a retracement, creating a short term shorting opportunity.
Nvidia - we recommended the name on radio at $527 on 16/03. It's since been a strong performer, closing at $762 on Wednesday. Note the bearish divergence as per the 7-day RSI.
DocuSign Inc. - Over a 7-week period, the stock has advanced from $180 to $274. If $272 fails to hold then we could see a move back to the low $250s.
Costco Wholesale Corp. - Trading near multi-month highs, the higher price (and 22 June breakout) is not being confirmed by a higher 7-day RSI i.e. bearish divergence. Failure to hold $389 should see a move down to ~$375.
*Any failure to hold the prior day highs should be seen as an early signs of a slowdown in upside momentum.
Costco New ATHs ReachedCostco hit its ATH today, it also has triple hidden bullish divergence on the monthly MACD and hidden bullish divergence on the monthly RSI
Cup and HandleLooks like a cup and handle. Price is going down today.
I suspect it will retest the top of the handle and breakout.
Costco clearing 5 week consolidation.We can watch smaller timeframes to see if the break holds in nearest days.
COST Breakout watchI like COST long in and above the green box for a potential ATH breakout. Nice consolidation at the high after deep pullback and recovery. Targets = dotted black line and fib extension. Not interested if price drops back below 375.
pullback started?COST has begun a pullback of the recent bull run. I think the 200 daily SMA is a good target. Caveat emptor!
