After a run in Costco Wholesale (NASDAQ:COST) from $154 to $188, an analyst thought Tuesday was the right time to upgrade the stock. I still don't get it based on COST's huge run.
Short Trigger
Anyway, the stock opened higher and then sold off. The reason for the reversal was because the stock slammed into a great resistance trend line (as seen in the chart below), which triggered my short. This is a no-brainer trade in my opinion as the stock was so insanely overbought that it was a huge pullback opportunity. Add in the massive trend line and it's a solid recipe for profit.
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