Starbucks on a Strong Daily Support looking for a Bullish RunStarbucks is exhibiting a robust support level on the daily timeframe. The price has shown a bullish sentiment by respecting this support level. As a result, we anticipate a bullish reversal and the formation of an upward trend. This bullish momentum could potentially drive the price to revisit the $107 level.
SBUXCL trade ideas
SBUX - Rising Trend Channel [MID TERM]🔹SBUX has broken the floor of the rising trend channel in the medium long term, which indicates a weaker initial rising rate.
🔹Break downwards through 98 will be a negative signal.
🔹Overall assessed as technically positive for the medium long term.
Chart Pattern;
🔹DT - Double Top | BEARISH | 🔴
🔹DB - Double Bottom | BULLISH | 🟢
🔹HNS - Head & Shoulder | BEARISH | 🔴
🔹REC - Rectangle | 🔵
🔹iHNS - inverse head & Shoulder | BULLISH | 🟢
Verify it first and believe later.
WavePoint ❤️
Starbucks I It will go up 2 minutes ago
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** Starbucks Analysis - Listen to video!
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$SBUX Analysis, Key Levels & TargetsNASDAQ:SBUX Analysis, Key Levels & Targets
Time for some new swing targets…
Target 1 at 94, and Target 2 @77… and that is the start, but all of the other targets are in play as well if we dip even harder… and target 1 and two would create a head and shoulders if hit…
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GL and happy trading.
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Investment Thesis: StarbucksStarbucks has established itself as a dominant player in the specialty coffee industry, with a strong brand image, extensive global presence, and a diversified product portfolio. The company's successful business model, focused on providing high-quality coffee and a unique customer experience, positions it for continued growth. However, there are potential risks to consider, including increasing competition, changing consumer preferences, and potential supply chain disruptions. Overall, Starbucks presents an attractive investment opportunity with the potential for long-term value creation.
SBUXTRIANGLE BREAKOUT
Major Down
Current Up
Triangle formation. Awaits breakout
Broken towards down side.
Took the position via option at Spot $104.77
25 days out at strike 102.
2 contract with RRR of 1:2 @ $1.14 and $1.16
TP on both contract @1:2 and not let the trade run @ 100.65
Option sold at both 124% profit ITM.
$2.61 n $2.71
Total profit : $3.02
Psycology:
Fear of loss of profit. Did not want to risk it. Mindset wise it has extended quite far, $100 as psycological number. and 4h looking at meeting into resistance.
Shall review
Cracks forming on the bullish movement for Starbucks Starbucks Corporation. (symbol ‘SBUX’) is trading at a profit of around 8% compared to the beginning of the first quarter of the year. The company’s earnings report for the fiscal quarter ending March 2023 is set to be released on Tuesday 2nd of May, after market close. The consensus EPS for the quarter is $0,64 compared to the same quarter last year of $0,69.
‘ Despite insider selling from CFO (chief financial officer) and EVP (executive vice president) of shares totalling around HKEX:400 ,000 in February, accounting for less than half a percent (0.49%) reduction in stake ownership in the coffee giant, insiders holding decreased by a relatively small proportion- in line with the broader market selling trend.’ said Antreas Themistokleous at Exness.
From the technical analysis perspective the share has been consistently trading relatively well in the past 10 months with some technical indicators pointing to a possible correction in the short term. The price is approaching the strong reaction area of HKEX:110 which was a resistance level in October and December of 2021 as well as in early February of 2023. Even though the overall trend is still bullish there are some signs of weakness and possible correction to the downside in the coming sessions.
Firstly the Stochastic oscillator is in the extreme overbought area for the last 3 weeks and also the 50 SMA touching the 100 SMA is not giving any validation to the bullish narrative indicating that a downward correction is a possible scenario in the short term. If this is confirmed we might see some major support around the HKEX:103 ,50 price area which is the crossing of the 2 SMAs and also the 23.6% of the daily Fibonacci retracement level.
SBUX: Short IdeaGapped down on bad news. Coming off daily divergence. Weekly overbought and possible outside candles breakdown. First target is the size of the new gap which also happens to be figure support at 100, 20 EMA, and 500 SMA, so might be good reversal long from there. Extension would be to about 96. Stop is daily close inside the gap.