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Costco (COST) Might be Pivoting Back to Bullish Continuation Mode

Costco (COST) has been retreating sharply since June. But we should note that it has been in an unstoppable uptrend despite some periods of sharp bearish correction.

COST Weekly Chart 

(click to enlarge)

Bullish Market:
- The weekly chart shows that the overall trend is still bullish despite the sharp June-July bearish correction.
- A break below 140 on the other hand would represent a shift from bullish to sideways if not bearish mode.

Bullish Reversal:
- The daily chart shows that price during the Monday 7/31 session shot up. This could be the start of a new bullish continuation swing. (Continuation in the long-term perspective. A bullish reversal in the medium-term perspective).
- If price retreats, a hold above 155 would be a strong confirmation of the bullish mode. 
- The bullish outlook conservatively has the 165 area in sight. Upside towards 178 is next .
- Then, if price can get back to that 2017 high around 182, it probably has enough steam to push towards 200, assuming that the long-term trend (seen in the weekly chart) is indeed still going. 

COST Daily Chart


(click to enlarge)