Costco: sellers retake control
Costco drops 3.7% as sellers retake control and the double bottom slips to 914
Costco: sellers retake control
Our view last week
Costco is in the sixth week of a sell signal, and the week closed essentially flat after a double bottom in the 929 area with an intermediate rebound of 8%. The technical picture is mixed: volume has swung back to the buy side, but momentum stays weak and capital flow has turned negative again. Price sits between the first resistance, the 20-day moving average in the 960.5 area, and the first support, the daily pivot point in the 951.5 area: a phase of watching more than a clear direction.
This week's summary
Sellers have retaken control: this week Costco stock shed 3.7%, with 85% of volume on the sell side and a new, lower double bottom near 914, below last week's 929 area. Money flow has been worsening for a month and the MACD just turned bearish. Last week's picture was a wait-and-see; now the sell signal, under management since its seventh week, finds fresh legs, with the short at +4.2%.
IQS Phase
77
in tension
Signal Strength
54
downtrend making lower lows, pace holding
Sizing
STANDARD
Ranking
#9 / 137
US stocks
Trade P&L %
+4.19%
from signal to today
restricted Platinum content