Costco ($COST) looks to have failed at the resistance of the gap from 5/18/22.
In a “NoGo” trend since the end of April, Costco hit an ultimate low on May 20th and has rallied since then, filling the gap and running up to resistance at the top. GoNoGo Trend shows pink bars as price rallied and GoNoGo Oscillator rose to the zero line. As we know, if “NoGo” trend is healthy then the oscillator should find resistance at the zero line. Currently, it remains at that level and we see the beginnings of a GoNoGo Squeeze. We will watch to see in which direction it breaks out of the Squeeze. If it is rejected here, expect another leg down in price that would test the prior low.
