SBUX
Skip the $6 latte
After the formation of Head and Shoulders pattern between Apr.’21-Dec.’21, price broke down and entered downtrend in Jan.’22
Price continued its downslide from 109.00 to 71.00 where it found support.
Price pulled back in form of a channel to about 90.00 where it’s now rejecting the 200ema.
We also have a bearish MACD divergence with the price action meaning the pullback move is losing momentum.
Price has not broke down from the pullback channel it is in but the bearish MACD divergence is signaling the breakdown might be coming soon and continuation of downtrend.
Entering trade short.
Entry: 84.17
Stop loss: 95.79
Target: 71.25, +15.33%, 1.11 RR ratio
Skip the $6 latte
After the formation of Head and Shoulders pattern between Apr.’21-Dec.’21, price broke down and entered downtrend in Jan.’22
Price continued its downslide from 109.00 to 71.00 where it found support.
Price pulled back in form of a channel to about 90.00 where it’s now rejecting the 200ema.
We also have a bearish MACD divergence with the price action meaning the pullback move is losing momentum.
Price has not broke down from the pullback channel it is in but the bearish MACD divergence is signaling the breakdown might be coming soon and continuation of downtrend.
Entering trade short.
Entry: 84.17
Stop loss: 95.79
Target: 71.25, +15.33%, 1.11 RR ratio
Comment:
and it starts