Starbucks Corporation (NASDAQ: SBUX) Rallies Says Market Timer Frank Kollar
March 19, 2009 (FinancialWire) (By Frank Kollar)
Shares of Starbucks Corporation (NASDAQ: SBUX) have skyrocketed over the past week, rising some 39% in only eight days. Is there any upside left?
One way to answer this is to look at just how far Starbucks declined since reaching its 2006 highs at $40 a share. As of the November 20 bear market lows, Starbucks was down 82%.
There is a huge potential for upside. Starbucks is not a fly-by-night company. It has thousands of stores that are profiting. The sell-off was overdone as is typical in the stock market and this may be the time to profit on the upside.
Shares could reach $23.24 in coming months, a 100% profit from current levels. The way will not be smooth, and there are several strong resistance levels along the way, including $13, $15 and then $18 a share.
Our target for the initial move is $13.00 a share.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in Starbucks.
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.
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.
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