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In the Premarket trading session on Friday, Costco Wholesale’s stock was trading at 312.00- lower by 1.19% as compared to its previous close
The company on Thursday reported a quarterly profit that was above the market expectation as the Costco said the impact from the new coronavirus boosted its monthly same-store sales for February by roughly 3%.
The Company reported quarterly profit of $2.1 per share, beating the median forecast of $2.07 per share. Revenue, however, came in below the market expectation. The company saw an 8.9% jump in overall comparable-store sales.
Regarding its supply chain, Costco said in China “closures of many manufacturing facilities extended well beyond the typical one-week Chinese New Year holiday.
On the technical front, the market is trading above 13 and 26-days EMA. The MACD histogram indicates bullish momentum in the market. The formation of a Doji candle in the previous session indicates indecision but the market is at the key support level.
Overall biases are positive and a short trade can be executed on the following levels
TRADE SUGGESTION- LIMIT BUY AT 311.00 TAKE PROFIT AT 314.00 STOP LOSS AT 309.50