Costco Stock (NASDAQ: COST) Price Moves to Invite Bulls to Market

• Earnings report planned for March 2, 2023, with higher estimates.
• Costco’s CFO hinted at membership price hikes in future. 
• Prices fell by 1.40% in the intra day session.

Costco Wholesale Corp (NASDAQ: COST) is a global leader in the retail sector with warehouse club operations across the globe. The retail chain has booked healthy profits amid the challenging macro environment, though the last earnings came out with negative surprise.

The next earnings report is scheduled to roll out on March 2, for the period ending in February 2023. The estimates are set for earnings at $3.214 per share and for revenue at $55.55 billion. The past record hints at this earnings to give positive results. 

The retail industry operator shows consistent growth in this slowing industry which is contrary to the industry. The whole economy is paced down due to inflationary trends and frequently changing FED rates. A strategic roadmap can ease this turbulent economy.

Retailers in Metaverse

Brands and companies are diversifying into virtual environments to connect with today’s consumer base. Although, many raise questions regarding the existence of these digital spaces just being billboards of brands,or do they really have any tangible benefits.

Companies across the industry are rigorously activating platforms to connect with the metaverse. But to today’s investor it may not hold much value as it only provides intangible benefits, whereas the retail industry thrives in tangible products and services.

COST Stock Price Analysis

The COST stock prices have formed mountain like formation while forming highs and lows. The volume shows high buyer interaction, matching with rising prices. The EMA ribbon does not define the momentum of the COST stock prices. The prices may test again the support near $490.05 and if successful, may aim for $600.

The MACD formed a negative cross for short-term and records ascending seller bars. The RSI moves closer to the half line to show a neutral market for COST stock. The indicators show a temporary setback, and a possibility of a high run.

The reports revealed that shoppers can now nab a Costco membership and get benefits of discount on purchase. Along the same lines, the Costco CFO hinted that membership prices may hike in the future, impacting the share prices.

Conclusion

The COST share prices are preparing for the bull run and may reach for higher price levels. The potential growth prospects are hard to achieve and may harm in the long term. The holder must watch out for support near $490.05.

Technical levels

Support levels: $490.05 and $460.10

Resistance levels: $530.41 and $560.55

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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