I remember buying this stock back in 2012 at around 30/shr and held it through the bull run. It's sad to see this drop so much in such a short period of time. With the rising cost of coffee and the cutback in construction, I am assuming there will be weak guidance for this upcoming ER. Next week, we may see an ER run up to the 38% - 61% fib before the next drop.
My plan is to purchase calls first thing Monday and enjoy one last run, and short it back on the way down to $43 (or even lower). For now, I'm marking this short- term "LONG" until it finishes the retracement.
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Would've been a nice scalp today, but too bad I overslept (rookie mistake) and I did not want to chase it. I will update this chart and follow through. If it rejects off the 38.2%, Then it may be time to short SBUX.
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7/11/18 Inside bar - looking bearish. I may pick up some Puts tomorrow.
Trade closed: target reached
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Closing this trade. Today's candle looks bearish to me and I think it's time for this to go back down to finish up the wave. Lookout for a new trade idea.