Costco driven lower after hitting downward correctional trend line - Analysis - 17-11-2022

Costco's stock (COST) fell in the intraday levels, after testing the resistance of the downward correctional short-term trend line, with negative signals from the RSI after reaching overbought levels, while gathering momentum to pierce the downward correctional trend line, with support from the 50-day SMA.

Therefore we expect the stock to rise and target the resistance of 564.75, provided the support of 498.00 holds on.

Expected trend for today: Bullish