Bull FlagPrice hit resistance and formed a Dark Cloud Cover candle pattern after breaking the top trendline of the flag.
Today's red candle has pierced to the 50% level of the prior green candle which indicates price opened higher today than the close of the green candle, but so far, the bulls are having issues hanging on.
There looks to have been a Bullish Crab pattern that took this down to the 1.618 of the impulse wave up. This is a price exhaustion pattern and a move to the upside is usually prompt when the crab hits the 1.618.
The longer term moving averages do not looks good but the shorter term averages in the alligator are trying to point up and cross over.
Price is over the 20 but underneath the 50, 100 and 200 simple, daily moving averages.
Tough market and may be a choppy one for some time to come. The resistance overhead is causing many bullish patterns to fail. In order for COST to reach targets posted, a break of the resistance will need to occur.
The gap down has been filled and may serve as support.
No recommendation.
