To update my Starbucks short position inside 12631, discussed again this morning on this blog, the first chart below of the daily timeframe shows the head and shoulders top coming into play with a push lower. In addition, note Starbucks has a declining 200-day moving average (yellow line).
What gives me more conviction in the trade potential, however, is the weekly chart, second below.
Note the possibility of a base breakdown on this timeframe, looking for a move down into the mid-$60’s.
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Chess, SBUX looks like death… I’m having a hard time determining whether those red candles are painted with blood….or cochineal? http://www.npr.org/blogs/thesalt/2012/03/30/149700341/food-coloring-made-from-insects-irks-some-starbucks-patrons
Look at that. Wow.
Chess
Do you see 71 as the next target?
$70
Cheering you on from the sidelines on this one (for now…). Only short is MGM from yesterday mid-day.
Chess
Thoughts on PBR?