Buyers Stepping In - Costco

Published on Friday, 15 June 2012 11:38 Written by TradersHuddle Wire

New York, June 15th (TradersHuddle.com) - Unusual high volume detected on shares of Costco Wholesale Corporation (NASDAQ:COST) early in the trading session. The pace in volume of Costco points to a break above average, with buyers stepping in, as the stock is 1.28% higher.

Costco Wholesale Corporation (NASDAQ:COST) operates wholesale membership warehouses in multiple countries. The Washington State based company sells all kinds of food, automotive supplies, toys, hardware, sporting goods, jewelry, electronics, apparel, health and beauty aids, as well as other goods.

Costco has already traded 0.753 times its 3-month average volume and has calculated support and resistance at $81.98 and $89.20 respectively. Traders like to use volume as their lie detector for price action movement through predefined trading ranges.

The overall market index S&P 500 is trading higher by 0.59% from its previous trading close, which means that Costco stock is outperforming the overall market.