U.S. Major Retailer Costco Sees Major Gains in 2019
U.S. major retailer Costco saw growth of 36% in 2019, CNBC reported on Friday, July 12.
The retail giant is now on the way to its best annual performance since 1988. As of press time, the shares were traded at $279,44, seeing 1% gains within a day.
However, the experts told CNBC that the stock might go parabolic on both a weekly and a daily basis. They expect Costco to pull back and reset back toward the rising 40-week moving average.
The 40-week moving average for the major U.S. retailer is around $232. The shares were last traded at this level in March.
Earlier this week, Costco reported that its monthly sales were up 7.5% in comparison to the same period last year despite the harsh retail environment.
Another major retailer Walmart is also on the rise. It reported a 37% sales increase in Q1 2019, though the numbers are visibly smaller than in Q1 2018.