Today’s instrument is the Costco Wholesale (NASDAQ:COST) stock traded on the NASDAQ exchange under the ticker COST.
When we look at the COST chart, we can see that the company is in an upward trend, having reached its new all-time high level of $561.27 on the previous trading day after announcing better than expected quarterly earnings.
Today, we could expect a correction towards the level of $545-550, and if the stock is able to hold above that level, then we should expect a re-testing of its resistance level at around $561.30. If not, then a further drop should be expected towards its support level at around $523.