Should We Fill Our Oversized Cart 🛒 With COST? | COSTCO ($COST)
🔥🛒🔥 Costco's fundamentals have us thinking about buying enough COST to feed a family of 8... but do we really need all this COST now?
While the trend looks good, Costco isn't as cut and dry as some other COVID impacted stocks. Still, we expect revenue and earnings to be up again since last quarter and we expect people getting back to life after COVID to choose Costco. This should ultimately give COST a boost, and that has us looking at some levels for bulls who want to buy COST like a way too big tub of dip.
First, before we look for lower levels, we need to be aware of R1. R1 is currently acting as resistance but should flip and act as support if and when COST can break above it.
Below we have S1 - S3 for support. S1 is the first place to look for support if the broader market pulls COST down, if earnings are underwhelming, or if we generally see consolidation before a move up for any reason. S2 - S3 are levels to watch if S1 can't hold.
Our general theory on COST can be seen in the chart. We are looking for similar price action here that was seen back in 2018 - 2019, that is a move up, consolidation, and another move up to new highs. We expect COST to continue its uptrend ultimately, and that means we are looking for a pullback to S1 or S2.
Lastly, while there is more support below, a move below S3 could make COST a much less attractive prospect for the bulls.
The bottomline here is this, we are bullish on Costco and expect earnings to be impressive, but we want to look for longs after a correction or after we break above current ATH's, not at as we consolidate under resistance.
Resource: www.earningswhispers.com/stocks/cost + www.foxbusiness.com/...mazon-walmart-costco
✨ Drop a comment asking for an update, we do NEW setups every day! ✨
Like, Comment & Follow to help the community grow 🎉🎉
---
Good luck traders!
While the trend looks good, Costco isn't as cut and dry as some other COVID impacted stocks. Still, we expect revenue and earnings to be up again since last quarter and we expect people getting back to life after COVID to choose Costco. This should ultimately give COST a boost, and that has us looking at some levels for bulls who want to buy COST like a way too big tub of dip.
First, before we look for lower levels, we need to be aware of R1. R1 is currently acting as resistance but should flip and act as support if and when COST can break above it.
Below we have S1 - S3 for support. S1 is the first place to look for support if the broader market pulls COST down, if earnings are underwhelming, or if we generally see consolidation before a move up for any reason. S2 - S3 are levels to watch if S1 can't hold.
Our general theory on COST can be seen in the chart. We are looking for similar price action here that was seen back in 2018 - 2019, that is a move up, consolidation, and another move up to new highs. We expect COST to continue its uptrend ultimately, and that means we are looking for a pullback to S1 or S2.
Lastly, while there is more support below, a move below S3 could make COST a much less attractive prospect for the bulls.
The bottomline here is this, we are bullish on Costco and expect earnings to be impressive, but we want to look for longs after a correction or after we break above current ATH's, not at as we consolidate under resistance.
Resource: www.earningswhispers.com/stocks/cost + www.foxbusiness.com/...mazon-walmart-costco
✨ Drop a comment asking for an update, we do NEW setups every day! ✨
Like, Comment & Follow to help the community grow 🎉🎉
---
Good luck traders!