Higher Highs Ahead for Starbucks Corp (NASDAQ: SBUX) Says Market Timer Frank Kollar
August 19, 2009 (FinancialWire) (By Frank Kollar)
Shares of Starbucks Corp (NASDAQ: SBUX) remain near their 2009 highs but likely still have a long way to go on the upside.
While their old 2006 highs at $40 a share may be just wishful thinking for now, there are still short-term gains yet to be realized.
Look for Starbucks to reach its 50% retracement level in coming weeks. That is at $23.51, about 24% above current levels.
A decisive close above $23.51 would likely see the advance reach as high as $27.41. But for now, attaining the $23.51 level is the target for this advance.
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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