Starbucks Corp (NASDAQ: SBUX) Stalls
at Resistance Says Market Timer Frank Kollar
February 4, 2010 (FinancialWire) (By Frank Kollar)
Shares of Starbucks Corp (NASDAQ: SBUX) reached an important
resistance level at $24.00 on December 18, 2009. Starbucks
has remained below this level into February.
The $24.00 level is 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 level must be surpassed.
Starbucks has now declined to its 50-day moving average,
closing on Wednesday, February 3 at $22.43. A close below
the $22.00 level would likely result in lower lows. A close
above $24.00 would take this stock to at least $27.40.
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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