Stock Market Technical Outlook for COST and WMT
This week we will be looking at two retailing giants as we examine Wal-mart WMT and Costco COST . We will be looking at swing trade possibilities for these markets as the holiday season approaches.
On Wal-Mart $WMT,
This market has been in a nice uptrend over the past year and has just barely touch $92.00 at its pinnacle. Now, we are looking at price moving down out of the 90 dollar range as we see price doing a pullback. The question is where will price move down to before it retests the high yet again. I think it’s also important to realize that we are on the cusp of the holiday season and that we will likely see stock prices move up throughout the holiday as November and December have been good months for this retailing giant. So I see price action move back down I think price will bounce of the newly formed current demand zone at 88.31 up to 89.88 and look to move even higher. So for this market I’m seeing nothing but blue skies. Overall, there seems to be nothing that would really prevent wal-mart from doing well this 4th quarter.
On Costco COST,
We can price has moved off the highs at 34.75 and has moved back down into major demand around 34. Price has been in an uptrend for the past several months and this is just a pullback in my mind and we are likely to see price move even higher. For this market in the past, the holiday season hasn’t always been good for the stock price. 3 out of the past 5 years, price has actually moved down during November and December. So will that happen this year or not? Technically speaking I see this market moving into a potential range as price has been very choppy over the past couple of months and the move back down from the highs at 34.75 has been very slow and overlapped. Price has high some really good demand at the daily demand zone of 33.72 down to 33.46 and I could see price kind hovering around in this area for a while.
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