COST moving to $500?
COST has been on a mission and has been trending up strongly over the past few months, but will that trend reverse soon?
- AUG 27 COST bounced off my pitchfork's support level ($446.41) and is trended up since
- Using fibonacci extensions, $466.68 seems to be the support level - that aligns with my pitchfork's support level
As for a longer term move, it is best to keep an eye on COST and see how it falls and recover. COST has a tendency to move along its support - it'll try to bust through come to resistance level and continue its trend. COST might make a strong move in the next week or two to bust through my pitchfork's support level (mid line, blue line) and use that as its new resistance level. If it does that, COST might head to $500 around early October.
- AUG 27 COST bounced off my pitchfork's support level ($446.41) and is trended up since
- Using fibonacci extensions, $466.68 seems to be the support level - that aligns with my pitchfork's support level
As for a longer term move, it is best to keep an eye on COST and see how it falls and recover. COST has a tendency to move along its support - it'll try to bust through come to resistance level and continue its trend. COST might make a strong move in the next week or two to bust through my pitchfork's support level (mid line, blue line) and use that as its new resistance level. If it does that, COST might head to $500 around early October.
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