Ticker Of The Week: Costco (Nasdaq: COST)
There are a number of stocks that are also tracing out bullish consolidation patterns - and we’re going to focus on Costco (NASDAQ: COST) this week.
The company released lower than expected earnings last week and the stock has lost some ground as a result. However, it hasn’t violated the consolidation pattern that’s it’s traded in since late March.
Subscribers to my 1-2-3 Trader service originally bought COST at $45 and some May calls on April 20. We took profits of 33% and 74% on the calls, but still own the stock.
As you can see, COST has solid support around the $45 area and if the stock tests that level again, it would represent another good buying opportunity for more calls.
If it doesn’t come back down to support, aggressive traders could buy the stock or some calls above the support level.
I expect the stock to reach at least the $50.50 area, possibly as high as $51.30, once it makes new highs.
Jim Stanton
Editor, The 1-2-3 Trader
How One Company's Groundbreaking "Cancer Blaster" Could Make You Rich
While the World Health Organization predicts 12 million people will develop cancer in 2009, this little-known company is fighting the surge with its amazing cancer-killing device...
Although most people know nothing about it, this "Cancer Blaster" has already saved thousands of people around the world... Like Ohio resident, Caroline Brubaker, who says "with just three, pain-free outpatient visits, I had my life back" or Richard Swanson of Arizona who ended up cancer-free after just 4 hours of treatment...
The best part is, the company recently discovered an extraordinary breakthrough that could go mainstream in a matter of days... Read the full details to find out how you can get in ahead of the event - and be on your way to booking truly incredible gains.
|
Comments
Due to the amount of comments we receive Smart Profits Report will not be able to respond to all questions. By submitting your comment you agree to adhere to our Comment Policy.
Got something to say?
