Retail

Costco stock nears a key level as retail earnings roll in, trader says

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Trading Costco here may be worth the cost.

So says Todd Gordon, founder of TradingAnalysis.com, who found the recent action in the consumer staples sector as a whole — and Costco’s stock in particular — to be worth investors’ attention.

“I’m seeing the overall market being a little overbought, which gives me pause, but I don’t want to fight this very strong uptrend that we’ve seen since the breakout that originated in August,” Gordon said Thursday on CNBC’s “Trading Nation,” adding that the consumer staples ETF has been consolidating below the $62 level, which could signal a breakout.

Despite its recent sideways trading, the ETF’s chart looks “strong,” with a nearly 21% gain year to…



Source cnbc.com

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