SBUX a short? Trying to get in the swing of ... well... swining ;).
SBUX is on my list as a short.
Looking at it from a math perspective on the SD chart, I think that SBUX actually could see the 50s again at some point later this year unfortunately.
But in the meantime, while it looks like its coming down with the rest of the market, I would keep targets conservative until we see some stability from this massive market oversoldness.
If we look at the daily chart there is some key technical support that SBUX is approaching at 71$ and then some descending support in the mid 60s:
My first price target would be a conservative 71$ (assuming we can get a bounce on Monday or Tuesday to give us a nicer entry point).
Final target would be in the mid 60s.
If you want to long term short this, I don't think 50s are out of the question. However, for me, this is just an exercise to get me back in the swinger mentality.
Plan is to see how it treats this janky channel Monday:
If we can get a bounce confined to this channel on Monday and/or Tuesday, then that would be my ideal entry. So ideal price target (for me) is 77 or higher. But we will see if we get that. But a 2 point bounce seems pretty standard for SBUX, so it seems in the realm of possibility.
We also have a pseudo Pipe top/bearish engulfing on the weekly chart:
Just my thoughts. Could be wrong on this but tend to think I am not ;).
Trade your own plan, your own way!
Trade safe everyone, enjoy the rest of your weekend!
