Costco shares are trading at a new record high of $1,041.57, with the next target being a topside channel trendline near $1,047. A break above this level could turn the trendline into support, opening the door for further upside potential.
Looking back, on January 14, the price bounced off a key trendline, signaling early strength. Then, on January 27, the stock found support near the rising 100-hour moving average and broke above the 200-hour moving average (green line) with strong momentum. Since that breakout at around $945, Costco’s stock has gained nearly $100, representing a move of over 10%.
The bullish trend remains intact, with momentum and technical signals supporting further gains if key resistance levels are surpassed.
This article was written by Greg Michalowski at www.forexlive.com. Source