Realamh

SBUX: Cup & Handle is ready to go!

Long
NASDAQ:SBUX   Starbucks Corporation
325 views
4
Starbucks is going to hit 135 soon. Are you ready?

Everything about the cup and handle pattern checks out. You can also see three white soldiers candle stick pattern.

Educational points:
  • A cup and handle is a technical chart pattern that resembles a cup and handle where the cup is in the shape of a "u" and the handle has a slight downward drift.
  • A cup and handle is considered a bullish signal extending an uptrend, and is used to spot opportunities to go long.
  • Technical traders using this indicator should place a stop buy order slightly above the upper trendline of the handle part of the pattern.
Comment: It's not uncommon to see a fake break out after a cup and handle pattern. But the movement continues after a quick correction liquidating "weak" hands.
Reversal may begin here. We need to see higher volume tomorrow.
Trade closed: stop reached
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Regards,
Amir H.

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