Leading wholesale warehouse retailer Costco (NASDAQ:COST) lost $4.06 to $163.03 a share. The retail giant's stock price has been coming under pressure since early May when the shares traded as high as $183.18. Currently, COST is sitting right on its 200-day moving average so there is some near-term daily chart support right now.
Unfortunately, the better and stronger institutional support level for COST will be around $157. That's a spot on the chart that has a gap window from December 8, 2016. Often, this level will be defended when retested. This level presents a very solid risk/reward long (buy) side opportunity.
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