When we look at the Costco Wholesale (NASDAQ:COST) chart, we see the steady climb from the $480 support level to the $515 range, consolidating along the way, forming a temporary support level at the $510 and then extending its rally further, pushing well into the $530 and reaching as high as $535.
It was last found trading at the $528 range, with longer-term resistance found at $550 and closest support level at the $510 range. Costco Wholesale has scheduled a quarterly earnings announcement today. If earnings expectations are surpassed, we could expect the price to move upwards, towards the $550.
Today we can expect a move towards the $535 price level, another extension of the short-term trend. If, however, it doesn’t manage to hold on to the current level, then a move close to the $510 closest temporary support can be expected.
