After solid ER this week shares of SBUX spiked up to 83 in after hours trading and fell to 78.0 area. Short term price trades in the channel up going higher from long term bullish TL (in Green). I see a double bottom formation with a little throw back similar to that formed a year before. Golden Cross of 50 above 200 MA show a bullish potential. I opened long position at 78.80 after ER seeing pull back as an opportunity.Target is firstly 82.5 -83 (in case ATH will offer a lot of resistance again. I'm not sure about the reason of selling after great ER but think it will resume up move next week and probably will break up from the ATH in near future.
Wish to get more opinions and critique please to validate or invalidate the idea!
Wish to get more opinions and critique please to validate or invalidate the idea!