Costco Wholesale may rise to 838.00 - 850.00

Our pivot point stands at 776.

Our preference

The upside prevails as long as 776 is support.

Alternative scenario

The downside breakout of 776 would call for 756 and 744.

Comment

The RSI is above 70. It could mean either that the stock is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the stock is above its 20 and 50 day moving average (respectively at 760.151 and 738.4386).

Supports and resistances

863 **

850 *

838 **

826

800.93 (USD-last)

784

776 **

756 *

744 **

Number of asterisks represents the strength of support and resistance levels.