Costco Wholesale Corporation (COST) stock price soared through a series of strong gains in the recent period, successfully breaking above the key resistance level at $1,054, which had been our previous price target for the stock, driven by its continued trading above its 50-day SMA, which reinforces the stability and dominance of the main upward trend in the short term, while moving alongside a trend line supporting this path. However, in contrast, we notice the beginning of a negative crossover appearing on the Stochastic indicators after reaching deeply overbought levels, which may temporarily hinder the continuation of the stocks upward move in the near term.

Therefore we expect the stock price to rise in its upcoming trading, especially as long as it remains above the $1,054 support level, targeting the next resistance level at $1,140.00.

Todays price forecast: Bullish