Technical analysis

Costco Wave Analysis – 23 June, 2020

Costco Wave Analysis – 23 June, 2020

• Costco rising inside impulse wave (3)
• Likely to rise 310.00

Costco recently reversed up sharply from the key support area between the pivotal support level 295.00 (monthly low fr0m May), lower daily Bollinger band and the 50% Fibonacci correction of the previous upward impulse (1) from the end of February.

The upward reversal from this support zone created the daily candlesticks reversal pattern Hammer Doji – which started the active impulse wave (3).

Costco is likely to rise further toward the next resistance level 310.00 (former pivotal resistance from May).

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