Starbucks Corp (NASDAQ: SBUX) May Have Reached Support Says Market Timer Frank Kollar
February 5, 2008 (FinancialWire) (By Frank Kollar)
Shares of Starbucks Corp (NASDAQ: SBUX) hit correction lows last week at $18.00 a share. This makes the third time since the start of 2008 that shares have touched the $18.00 level and all three times they rebounded.
Three times may be the key and aggressive traders may wish to take a shot at bullish trades. The bad news appears to be in and with the support in place; a decent trade setup is in place.
That $18.00 level makes a perfect sell stop for traders. A close below it would be very bearish.
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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