Trading idea for Costco Wholesale Corp. (NASDAQ) 18.12.2020

The trading plan is drawn up using price channels and modified wave analysis for the Smart Trading trading system.

Costco Wholesale Corp. (NASDAQ)

#COST

The overall trend is upward. The stock is trading in the range of the lower border of the rising price channel. On the H4 timeframe, a Long-Legged Doji has formed. The descending pattern is truncated, and the Stochastic Oscillator signals an oversold condition.

Trading idea:

Buy on the formation of an upward wave pattern, where wave (A) breaks out the inclined channel of the downward pattern.

Stop Loss - 367.90.

The target level is 388.00.