Starbucks Corp (NASDAQ: SBUX) Breaks Out Says Market Timer Frank Kollar
June 4, 2009 (FinancialWire) (By Frank Kollar)
Shares of Starbucks Corp (NASDAQ: SBUX) have come down a long way since their $40 peak back in November 2006.
Through bad news, poor earnings reports, store closings and the 2008-2009 bear market; Starbucks lost 82% in share value. Though prices have rallied some 100% from those lows, Starbucks is still 260% below its old highs. Now there may be some good news for beleaguered shareholders.
Starbucks bottomed in November 2008 and for three months successfully tested that bottom. The advance that followed took shares up to just over $14.00 a share, but then profit taking took prices back down to as low as $12.55.
Starbucks has just broken out by closing above its April highs, where the correction began, and looks poised to move considerably higher. Starbucks old highs may not be seen for many years but the potential to reach $23.55 a share, 54% above current levels, looks good.
The Fibtimer.com (http://www.fibtimer.com) Stock 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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