timwest
Short

Starbucks Corp SBUX - Daily - BIG TOP FORMATION IMPLIES $10 DROP

NASDAQ:SBUX   STARBUCKS CORP
318 4 7
Big top formation. Look for $60 or less by year end. $70.03 last.

The rising wedge is an added bonus AND the earnings support at $69.75 is the final hope, but you can see it has been tested many times so far.

Note my other chart on how overvalued SBUX             based on trading at 3 times its revenues, but not much in the way of earnings.

Risk: 3 ATR's (11-day ATR), Target $60.
Tim

3:01PM EST, May 20, 2014 70.04 last -0.98

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LEONES PRO
2 years ago
I like this one
+1 Reply
TradeVulture.com
2 years ago
Daily must distribute to eventually offset the monthly chart trend. "How many tests" you ask? Look at the monthly for the answer.
+1 Reply
vaicru PRO
2 years ago
and now ?
+1 Reply
timwest PRO vaicru
2 years ago
It is right up to the other resistance line. I'll take the trade still and use 3 ATR's from right here.
Reply
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