• Costco reversed from support level 450.00
• Likely to rise to resistance level 474.00
Costco earlier reversed up from the pivotal support level 450.00 (which has been reversing the price from June), intersecting with the lower daily Bollinger Band.
The upward reversal from the support level 450.00 stopped the previous sharp downward ABC correction (2).
Given the oversold daily Stochastic, Costco can be expected to rise further in the active impulse wave (3) toward the next resistance level 474.00 (former support from the start of November).
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