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Costco (COST) in a Bullish Continuation Breakout

For Costco shares $COST If price action last week was not convincing, Monday's (4/16) bullish breakout suggests bullish continuation.

COST Daily Chart

(click to enlarge)

Bullish Continuation Breakout:
- First of all Costco is in a multi-year secular bull market, with no signs of any major correction so far. 
- Price action was choppy but bullish in 2016-2017, but turned more sharply towards the end of 2017. 
- We saw a "price top" at $200 a share in early 2018, but it looks like price found support at $176. 
- Price has been in consolidation and we can see a period where price action formed a flag. 
- The market bought up Costco on Monday 4/16 and price broke this flag pattern, suggesting bullish continuation, or at least a retest of the $200 mark soon. 
- A break below $188 would invalidate this bullish outlook and instead put pressure on the $176 support. 

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