$COST Over-extended on Weekly Chart

COST Costco looking over-extended on the weekly chart, appears to be holding within the upward channel limits. Valuation getting a little rich compared to industry average (P/E almost 50% > industry average).

Assuming this trend line holds, Costco could be overdue for a correction back to the area of the 50d ema or ~$190 by next ER (Oct).





Note: Observation/opinion, not investment advice.