Costco Wholesale Corp (COST  ) has been on a stellar run, gaining 71.22% over the past year and 31.81% year-to-date. Trading around $870 per share Thursday morning, the stock reached a new high of $873.96 during intraday trading on June 18.

This impressive performance has caught the attention of investors and analysts alike, prompting a closer look at the stock's technical indicators to determine if it's still a bullish opportunity.

Technical Indicators Suggest A Bullish Trend

Costco's stock is trading above its 5-, 20-, and 50-day exponential moving averages (EMAs), signaling a strong bullish trend.

The stock's price is $862.80, while the 8-day simple moving average (SMA) is $856.07, indicating a bullish signal. Similarly, the 20-day SMA stands at $833.33, and the 50-day SMA is $781.29, both of which also signal bullishness.

The long-term trend is equally positive, with Costco's 200-day SMA at $677.70, significantly below its current trading price, reinforcing the bullishness.

The Moving Average Convergence Divergence (MACD) indicator is at 23.58, suggesting strong bullish momentum. However, the Relative Strength Index (RSI) of 74.87 indicates that the stock is overbought, which could imply a potential for short-term price corrections.

Further reinforcing the bullish outlook, Costco's Bollinger Bands (20) are between $787.86 and $878.85. This range suggest that Costco is trading well above its recent average prices, indicating strong demand and bullish signals.

Analysts See Further Upside Potential

The last three analyst ratings from Evercore ISI Group, Loop Capital and Oppenheimer released on June 6 onwards have an average price target of $911.67 for the stock. This implies a 4.88% upside from the current price. These ratings underscore the market's confidence in Costco's continued growth.

Costco's stock reached a 52-week high Thursday, bolstered by strong technical indicators and positive analyst ratings. Despite the RSI suggesting that the stock is overbought, the overall trend remains bullish. For investors considering entering or increasing their position in Costco, the current technical analysis supports a bullish outlook, with potential for further gains. However, it's also important to stay vigilant for any short-term corrections due to the overbought conditions.