COST - king of November seasonality

14 בנוב׳ 2023

COST is putting amazing November. It has ended 10 of the last 10 Novembers higher with an average return of 5.5%. And it has ended 18 of the last 20 higher, with one of the down years being the great recession.







Observe the repeated behavior within the primary uptrend on the weekly timeframe. We have a primary uptrend channel with a series of secondary downtrends. Breakouts from the secondary downtrends take a proportional measured move up. A replay of this trend would land between $615-630.

On the daily timeframe todays price action takes a decisive move away from the downtrend and back into the uptrend. The blue range between $596-611 is a reasonable area to expect overhead resistance in the near term.

Any movement below $570 should signal caution and a close below $560 would invalidate near term continuation.