Costco has broken down from a rising trend with increased volume and a significant price drop exceeding 3%.
The trendline has not been retested after the breakdown, but a retest is not required.
The price has support around 910 and 875.
There is a declining RSI(21) and negative volume balance over the past month.
The price is trading below a green Ichimoku cloud, and Senkou Span B has crossed above Senkou Span A in the forward-looking cloud, indicating weakening momentum ahead.
From a technical standpoint, Costco appears negative in the medium term (one to six months).
This analysis does not represent a long-term forecast.
Fundamental analysts remain largely positive on the stock.
Disclaimer: I recently exited my position in Costco. The position had shown weak performance, and I am also reducing exposure to the USD.
The trendline has not been retested after the breakdown, but a retest is not required.
The price has support around 910 and 875.
There is a declining RSI(21) and negative volume balance over the past month.
The price is trading below a green Ichimoku cloud, and Senkou Span B has crossed above Senkou Span A in the forward-looking cloud, indicating weakening momentum ahead.
From a technical standpoint, Costco appears negative in the medium term (one to six months).
This analysis does not represent a long-term forecast.
Fundamental analysts remain largely positive on the stock.
Disclaimer: I recently exited my position in Costco. The position had shown weak performance, and I am also reducing exposure to the USD.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.