We've asked our friend Jim Robinson of profittrading.com to provide his expert analysis of charts to our readers. Each week he'll be be analyzing a different chart using the Trade Triangles and his experience.
Today he is going to take a look at the technical picture of Starbucks Corporation (SBUX).
I hope you are having a GREAT week !
This week let's take a look at SBUX as big things are going on for that stock.
SBUX has put in a weekly and monthly MarketClub green Trade Triangle which means all systems are GO for higher prices as of right now.
SBUX announced it is planning 1500 new stores in the U.S., and is also planning to remodel older stores.
I normally don't pay a lot of attention to fundamentals, but when they come together this perfectly with the technical's, it is well worth paying attention to, as growth is very important for a stock to stay strong.
Yesterday was a big up day, making this what I would say, is definitely a Chart to Watch!
Thanks,
Jim Robinson
Profit Trading.com
Now this is my favorite chart pattern for the upside. Gap up, with weekly and monthly green trade triangle and I always waite for at least half of the gap to fill for entry and BAM! I love it! It is a very high probability WINNER. great job market club. WTG!
But look at the price of Coffee. At multi-year lows. And SBUX could not convert that into higher profits? Maybe coffee as overhead is minor compared to operational costs, but, coffee can only go up from here. Double or triple the price of CC and that has to impact the mermaid.