Trader2014
Long

SBUX LONG SETUP

NASDAQ:SBUX   STARBUCKS CORP
104 3 3
After solid ER this week shares of SBUX             spiked up to 83 in after hours trading and fell to 78.0 area. Short term price trades in the channel up going higher from long term bullish TL (in Green). I see a double bottom formation with a little throw back similar to that formed a year before. Golden Cross of 50 above 200 MA show a bullish potential. I opened long position at 78.80 after ER seeing pull back as an opportunity.Target is firstly 82.5 -83 (in case ATH             will offer a lot of resistance again. I'm not sure about the reason of selling after great ER but think it will resume up move next week and probably will break up from the ATH             in near future.

Wish to get more opinions and critique please to validate or invalidate the idea!
littleriver
2 years ago
I don't like it. The candle pattern is very bearish. Ignore the color and look at the pattern. It is with volume too. I have highlighted a recent similar candle pattern with very bearish results. Also price is breaking right into a supply zone and from the looks of it is a strong one. The volume is telling us this. My bet would be the price returns to the 74-75 level. We have a gap to fill and fewer sellers.
snapshot
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Trader2014 littleriver
2 years ago
Thanks for comment. Move down off ATH resistance after ER is not a bullish sign. Agree. Didn't took into consideration candlesticks. Your variant is possible of course. But what do u think about more short-term picture? Here I see a channel up on 4 hour chart moving from long term TL. Look at this chart
SBUX CHANNEL UP
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littleriver Trader2014
2 years ago
Hi Here is the channel I see. Looks like a break of channel and 20 ema at same time . Next, there is ER optimism foliowed by disappointment. I would have to see a new higher low put in here before taking a long position .
snapshot
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