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Rant & Rave Blog

The Chart That Told Me To Short Costco Wholesale Corp (NASDAQ:COST)

Posted by Gareth Soloway Wednesday, December 06, 2017, 08:49AM ET

Read 169 times

Costco Wholesale Corporation (NASDAQ:COST) was upgraded yesterday. Mind you, this came after a run in the stock from $154 to $188. For some reason, an analyst thought it was the right time to upgrade Costco after a huge run like this (I don't get it). Anyways, the stock opened higher and then sold off. The reason for the reversal was because the stock slammed into a great resistance trend line (as seen in the chart below). This triggered my short (provided to Research Center members). This is a no-brainer trade in my opinion as the stock was so insanely overbought that it was a huge pullback opportunity. Add in the massive trend line and it likely is a recipe for profit.

 

Get the next swing trade stock in the Research Center right now, click here!

 

  Investor sell-short trade on Costco Wholesale Corporation

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