• Costco reversed from support area
• Likely to rise to 370.00
Costco is on the way to further gains after the stock price reversed up from the support area lying between the key support level 355.00, lower daily Bollinger Band and the 38.2% Fibonacci retracement of the previous sharp upward impulse from June.
The upward reversal from this support area started the active impulse minor corrective wave (ii) – which belongs to wave C from December.
Costco is expected to rise further toward the next resistance level 370.00 (target price for the completion of the active corrective wave (ii)).