Costco (COST) is breaking down today. The warehouse retailer is off more than 2% in heavy trade following weaker-than-expected sales figures. Expectations for April's comparable same-store sales were for a 5.1% rise -- and investors began hitting the stock on the bell after Costco reported a 4% increase. The stock began the session with a gap lower open that pushed shares below key near-term support. The action has remained heavy since the bell, and with trade already above average, the stock is taking a damaging hit.Costco (COST) -- Daily Source: TradeStation View Chart » View in New Window »
Costco faded quickly after closing at fresh yearly highs as April began. Five straight downside sessions followed the late-March push that carried Costco stock to its third consecutive higher monthly high. Much as it did earlier in the month, the $91.60 area proved very heavy, and two days of aggressive buying were unable to provide the spark to clear this supply zone....334 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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