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| 6/17/99 Costco Companies (COST)
Points to watch:
On Monday and Tuesday Costco tested important support, its 200 day moving average, intraday and held the support both days on a closing basis. The stock has remained above its 200 day moving average since it broke out to the upside last October 19th at the start of a 6 month rally. Yesterday the stock closed above its 21 day moving average (74.52) for the first time since May 14th. A short term double bottom is forming on Costco's chart, with the first low on 5/27-6/2 and the second bottom on 6/14-6/15. A move above the 6/4 high of 77.25 would confirm the double bottom and give a short term buy signal. We would wait for the stock to move above the weak resistance at 78.38 before acting on the buy signal however.
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