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COSTCO WHOLESALE CORPCOSTCO WHOLESALE CORPCOSTCO WHOLESALE CORP

COSTCO WHOLESALE CORP

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COST trade ideas

Costco Wholesale Corporation (symbol ‘COST’) Costco Wholesale Corporation (symbol ‘COST’) share price rose by 6% in the quarter ended on 31/08/2023 in a rather steady bullish momentum. The company’s earnings report for the fiscal quarter ending August 2023 is expected to be released on Tuesday 26th of September, after market close. The consensus EPS is $4.71, up from $4.20 in the same quarter last year. ‘The company’s financial condition is rather balanced without any exciting indications with a low debt to equity ratio of around 28% and a current ratio of just above 100% ( 108% to be precise) as of 31/05/2023. On the other hand the company is not very popular in terms of paying out dividends with a dividend yield ratio of less than 0.8% making it not very appealing to large investors.’ said Antreas Themistokleous, trading specialist at Exness. Technical analysis shows the price has resumed its bullish momentum after some losses incurred in mid August and is currently on the move to fully cover these losses. The upper band of the Bollinger bands proved to be a strong resistance level and caused the price to correct to the downside in the recent sessions. The 50 day moving average is trading well above the 200 day moving average while the price continues to trade above the daily bullish trendline pointing to the North for the near short term outlook. On the other hand the Stochastic is recording extreme overbought levels indicating that a bearish move might be visible in the coming sessions but there are no other signals of a correction so that scenario might not play out at least for now.
NASDAQ:COST
by Exness_Official
COST - strongest seasonal opportunity on my watchlistI'm sharing a more in-depth update to my Costco post earlier this month. NASDAQ:COST is a top holding that I like to keep a close eye on. 1-2 times a year, we can find decent opportunities to use swing trades to accumulate and I think that we have two of those opportunities in front of us right now. We've got an immediate setup with clear chart pattern and a brief seasonal drawdown, and a larger setup supported by the strongest seasonal trend in my watchlist. Long term trend: We observe repetitive price action within the channel for the long term primary trend. COST regularly moves to the top of the channel, undergoes a secondary corrective trend, and executes a measured move on the breakout of the secondary trend. Note that reverting back to the lower portion of the channel should be expected, emphasizing the importance of profit taking to build this position. Immediate trend and our first setup: We recently saw COST make a large measured movement on the May break out of a long term symmetrical triangle. It set up a small replay of this pattern from mid August to September, but hasn't completed the measured move. As previously covered, September is seasonally weak for the broader market and this is typically the worst portion of the month. Thus, a throwback to the cradle of the triangle ~$551-553 is probable. Breakouts from symmetrical triangles have high probability to revisit the cradle and this level also aligns to volume weighted average prices (VWAPs) anchored from highs and lows prior to the pattern, as well as the direction of the 50EMA. Note the fib time zone anchored to the May breakout. This has aligned to peaks and troughs and lines up to where we can expect to see a seasonal high (November) and seasonal low (December/January). This sets up the first setup: Entry ~551-553 the cradle of the current symmetrical triangle and VWAPs from the the high and low prior to it's formation. TP $570 at the top of the measured move. SL $527 which is 1 average true range (ATR) below the VWAPs from the last two lows in the prior symmetrical triangle. Note - Since I already have a very low cost basis I won't use a SL for the first setup and will instead use a much more aggressive stop loss from the second setup. Seasonal trend and our second setup In terms of seasonality, COSTs two consecutive strongest months of the year are October and November. And the lowest performing month December. COST has closed positively in each of the last 10 Novembers with an average return of 5.5%. Expanding to 20 years we see that there are only 2 of 20 Novembers that have had a negative close (one of which was during the great recession). The confluence between the fib time zone and seasonality anticipate hitting the objective of our first move in the October/November time frame. The December seasonality and January fib time zone confluence project a pullback to open up our second opportunity. However, be aware that macro events or strong guidance in September earnings could shift our pivot points. Second setup: Entry - ~$537 which aligns to the 0.382 fib of the extension from the May low to our last high, and aligns to the trending paths of the VWAPs from the April and May lows. TP - ~$590-600 which align to 1.618 fib of a retrace from the $570 high to our entry, as well as the top of the channel and the prior all time high. Note that this is exceeds the current 12-month consensus price target. SL - ~$508-510. This should fall 1 ATR below the bottom of the bottom of the channel, as well as the 200SMA.
NASDAQ:COSTLong
by Ben_1148x2
2
COST pre-earnings updateNASDAQ:COST August sales show a YoY 5% increase. They don't report until the 26th, but this suggests that we'll see a decent quarter. Current analyst 12mo consensus is ~$570. The breakout from its symmetrical triangle didn't reach the full extension that I had originally drawn. Taking a measured move into the pattern from an area of prior resistance, we can see the where the pattern will tighten within the triangle, and the proportional extension when it exits. The breakout of from this pattern puts COST back into its long term rising channel. I anchored variable weighted average price from the May dividend, and then two more from two recent pivot points. Right now we can see that price finds support at the VWAP from dividend and is running into resistance at the VWAPs from recent pivots. This suggests that ~530 will remain key support. A close below 530 could retest 509-520. A close below 510 would be cause for concern. I added a lot below $510, took profits between $550-560, and began reaccumulating at ~$530. Right now I'll plan to keep accumulating between ~530-535, and any opportunities between 510-520. I'll re-evaluate if we see a close below the rising channel.
NASDAQ:COSTLong
by Ben_1148x2
Double TopIt looks like a double top occurred after COST met the 100% mark for the triangle. There is also a RSI Divergence at the Double top. Price does not match RSI. There are other indicators folks use to spot Divergences. Earnings late September. Dark Cloud Cover candle pattern which is bearish so far today. Dark Cloud Cover is a candlestick pattern that shows a shift in momentum to the downside following a price rise. The pattern is composed of a bearish candle that higher than the previous session but then closes below the midpoint of the prior bullish candle. Dark Cloud Cover can morph in to an bearish engulfing candle if much more selling occurs today. No recommendation
NASDAQ:COST
by lauralea
3
COST the retailing warehouse chain LONGCOST had lackluster earnings two months ago and is due for another report in late September, Despite the earnings miss, COST immediately uptrended as if traders and investors were expecting far worse. Since June 1st, COST has been in an ascending parallel channel bounded by the dynamic support and resistance of the first and second VWAP standard deviation lines above the mean as anchored to a date before the earnings. The MACD is currently showing bearish divergence while COST is at the upper resistance in the channel. As a result I will place a short trade on COST here with a stop loss above that red dynamic resistance line. Upon managing the trade, I will close and reopen the trade long when price meets the lower support blue VWAP line and is likely to reverse.
NASDAQ:COSTShort
by AwesomeAvani
$COST Breaking Out?I posted this chart on May 3, 2023, and said that it could go either way. Looks now like the market is taking it up and out of this wedge. Earnings are past so it is safe to make a move without too much volatility, IMO. I will look to go long on this into today’s close if it holds near its daily high (40 minutes to go). I will have my stop just below today’s low. I have a link at the bottom to the last post on 5/3. Ideas, not investing / trading advice. Thanks for looking. Constructive comments welcome.
NASDAQ:COSTLong
by jaxdog
6
COST - Rising Trend Channel [MID TERM]🔹COST is in a rising trend channel in the medium long term. 🔹COST has broken a resistance level in the short term and given a positive signal for the short-term trading range. 🔹COST has support at 486 and resistance at 523. 🔹Overall assessed as technically positive for the medium long term. Chart Pattern; 🔹DT - Double Top | BEARISH | 🔴 🔹DB - Double Bottom | BULLISH | 🟢 🔹HNS - Head & Shoulder | BEARISH | 🔴 🔹REC - Rectangle | 🔵 🔹iHNS - inverse head & Shoulder | BULLISH | 🟢 Verify it first and believe later. WavePoint ❤️
NASDAQ:COSTLong
by wavepoint99
COST Costco Wholesale Corporation Options Ahead Of EarningsIf you haven`t sold COST Costco Wholesale Corporation here: Then Analyzing the options chain of COST Costco prior to the earnings report this week, I would consider purchasing the 495usd strike price Calls with an expiration date of 2023-5-26, for a premium of approximately $9.00 If these options prove to be profitable prior to the earnings release, I would sell at least half of them. Looking forward to read your opinion about it.
NASDAQ:COSTLong
by TopgOptions