Since bottoming at $68.5 in May SBUX has made a series of higher lows and most recently a higher high. The ADX is confirming the uptrend since June when the D+ crossed D-. The OBV is also confirming the trend.
The most recent candle broke out of the weekly and daily descending trend lines and closed above the .618 Fibonacci level.
Short term and long term Force index cross is very bullish and the current price's proximity to the POC looks like a relatively safe entry as it represents the level at which the most shares have traded in the last 12 months ($79.26).
Assuming earnings are in line I anticipate a prolonged rally up the Fibonacci scale.
Targeting: $87.49, $92.64 $107.52
The most recent candle broke out of the weekly and daily descending trend lines and closed above the .618 Fibonacci level.
Short term and long term Force index cross is very bullish and the current price's proximity to the POC looks like a relatively safe entry as it represents the level at which the most shares have traded in the last 12 months ($79.26).
Assuming earnings are in line I anticipate a prolonged rally up the Fibonacci scale.
Targeting: $87.49, $92.64 $107.52