shanesaito

$SBUX - Starbucks - Morning cocaine thesis

Short
NASDAQ:SBUX   Starbucks Corporation
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07/22
$SBUX - Starbucks - Morning cocaine thesis
Current price: $125.97
MC: 148.73B
Float: 1.18B

$SBUX sitting at an all time high having shot up $10.00 (9.5%) in the last 4 days.
Its sitting just below the 1.618 FIB ($126. 40 ) and floating on a weak volume profile .
With earnings coming up on July 27 and dividennds on August 11, I charted two possible SHORT scenarios.

1. PA consolidates near the 1.618 FIB and SD+1 then drops below the SD-1 giving back the 9.5% accumulated
in the last 4 days, half the move from the previous low at the SD-1 at $111.66 and returning PA to the ledge of the volume profile .

2. PA continues to SD+2 ($131.00ish) then gives back half the move to SD-1 ($123.32)

PROS:
RSI is above 70 in overbought range and PA is lingering with a weak volume profile .

CONS:
The 9,20 & 50 EMA's are facing up and the MACD is above signal line and also facing upwards with the a dark green bar on the histogram.

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