WilliamL

COSTCO just broke out, bullish

Long
NASDAQ:COST   Costco Wholesale
1
COST just broke out of a nice symmetrical triangle and that's what i was waiting like i said in my notes. If the stock go up tomorow morning around 164.18, i will be looking to buy the stock. When we see a nice breakout from a triangle like that with a strong candle and with strong volume that shows there is great buying pressure, this is why im looking to go long. There is a long resistance line and this is why i want the stock to move above to confirm the direction of the trend. My thoughts are that the stock will probably break that resistance and then will go up for a 2-3 days, after that the stock will retrace around 164 as resistance become support and then will bounce and keep moving higher close to new all time high.

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