Starbucks Corp (NASDAQ: SBUX) Stalled
at Resistance Says Market Timer Frank Kollar
January 6, 2010 (FinancialWire) (By Frank Kollar)
Shares of Starbucks Corp (NASDAQ: SBUX) reached an important
resistance level at $24.00 on December 18, 2009, but despite
an up trending stock market over the past several weeks,
Starbucks has been unable to surpass it.
The $24.00 level is also the 50% retracement for the entire
Starbucks’ decline in the 2008-2009 bear market.
If Starbucks shares have a chance of moving higher in coming
weeks, this is a critical level that must be surpassed.
On Tuesday, January 5, Starbucks rallied back to the $24.00
level before pulling back to close at $23.59. It may be
now or never for Starbucks.
A close above $24.00 should take this stock to at least
$27.40 in coming weeks. A failure here could result in
a bearish double top and lower lows ahead,
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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