Starbucks Corp (NASDAQ: SBUX) Challenges Lows Says Market Timer Frank Kollar
October 17, 2006 (FinancialWire) (By Frank Kollar)
Shares of Starbucks Corp (NASDAQ: SBUX) are challenging their August 16th and September 28th lows. Tuesday’s intra-day low broke below both prior lows, though Starbucks did not close below them.
Starbucks is not a stock for traders looking for bullish gains. Those who take short positions should be watching the $25.22 level. If Starbucks closes below this support level in coming weeks, we will be watching for declines to at least $24.30 in short order, and possibly to $23.13.
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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