Starbucks Corp (NASDAQ: SBUX) Nearing Support Says Market Timer Frank Kollar
June 1, 2007 (FinancialWire) (By Frank Kollar)
Shares of Starbucks Corp (NASDAQ: SBUX), the specialty coffee retailer, dropped below a critical support level a few weeks ago, and are now nearing the next. Will shares of this widely traded company finally find a bottom?
If Starbucks is able to stay above $26.64 a share, we could see a nice rally. That is 7% below Thursday’s close at $28.81 a share, but we expect Starbucks to reach that level in coming weeks. If prices drop below $26.64, Starbucks could reach its September 2005 lows at the $23.00 level. Bulls should consider this before jumping in.
Fibtimer.com (http://www.fibtimer.com) currently has a position in Starbucks Corp in its Stock Timing Strategy.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
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