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Costco Wholesale’s stock is currently trading at 310.06-higher by 1.12% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 1.10%. The stock has continued gaining after the opening bell.
The warehouse retailer said on Wednesday that its last month’s net sales jumped 7.5% to $12.6 billion. Costco also reported a 5.4% rise in May comparable-store sales, above the market expectation of a 0.3% drop. Online sales surged 106% in May. Costco also posted e-commerce sales more than double as compared to a year earlier. The warehouse retailer in May reported that its April sales had dropped 1.8% due to closures related to the pneumonia-causing virus pandemic.
The company reported its third-quarter earnings that missed the median forecast on Friday (29th May). The Issaquah, Washington-based company reported a 7.5% drop in quarterly profit as it spent more on wages and sanitizing its warehouses and stopped the sales of some high-margin products due to the pandemic. Shares of Costco rallied about 5% so far in 2020.
On the technical front, the current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards. The RSI is currently at 56.84% and suggests that the market can move in the upward direction.
Overall Bias is Positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT BUY AT 310.00 TAKE PROFIT AT 311.20 STOP LOSS AT 309.40