Costco Reaches Price Channel Resistance
COST is currently resting on the resistance line of a price channel that it has been in for 384 days. I would wait a couple of days before entering a short position for two reasons. The first being that it could break through the resistance line, and the second being that the .5 trend based fib is at 107.48, so I would wait a couple of days to see if it reaches that, then expect the reversal to take place.
Many traders (including myself) think that the market is in for a correction in the very near future. This would be a good play if you're unsure on your outlook of the overall market, as COST should go down whether SPY has its correction or not.
Many traders (including myself) think that the market is in for a correction in the very near future. This would be a good play if you're unsure on your outlook of the overall market, as COST should go down whether SPY has its correction or not.
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