Costco Wholesale Rebounds On Earnings But Fails At Its Annual Pivot

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Costco Wholesale
Traded as low as $406.51 on May 20th, then rebounded to $474.88 on Friday, May 27th, but could not keep its yearly pivot at $471.70. Costco sales beat estimates but same-store sales disappointed. This happened because of increased freight and labor costs. Costco is a global leader in retailing. Costco operates 830 warehouses globally, including 574 in the USA.

According to Macrotrends, Costco has an AP/E ratio of 35.10% and a dividend yield of 0.82%. It has beaten earnings-per-share estimates for five consecutive quarters.

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Daily Chart for Costco

The daily chart for Costco shows a strong rally that continued into June 2021. The 50-day simple moving average was moving up with the stock until it failed to hold on January 10, 2022. The stock fell from $571.48 on December 29, 2021. Low of $469.01 on Jan 24, 2022. From this low, the stock reached its 52-week high of $612.27 on April 7, 2022. The stock fell from a high of $612.27 on April 7 to a low of $406.51 on May 20. 33.6%.

The highest horizontal line is the quarterly risky level at $596.61. The middle horizontal line is the half yearly pivot at $518.50. The lowest horizontal line is the yearly pivot at $471.70, which was crossed today, Friday May 27.

The 50-day simple moving average is at 6.
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01 and there is a downside correction to the 200-day SMA at $509.95. When the 50-day crosses below the 200-day, a death cross will be confirmed.
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Weekly Chart for Costco

The weekly chart is negative for Costco, with the stock trading below its five-week modified moving average at $503.49. The stock is well above its 200-week simple moving average, or ‘reverse to mean’, $340.76.

The 12x3x3 weekly slow stochastic reading is declining at 30.06. The measurement ranges between 00.00 and 100.00, where readings above 80.00 are overbought and readings below 20.00 are oversold.

Trading Strategy: Buy Costco when it weakens to May 20 low of $406.51. Holdings short on strength on the semiannual pivot at $518.50.

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