Starbucks Corp (NASDAQ: SBUX) Tests
Rally Highs Says Market Timer Frank Kollar
May 12, 2010 (FinancialWire) (By Frank Kollar)
If anyone is looking for a stock that is holding up well
in these extremely volatile times, look no further than
at shares of Starbucks Corp (NASDAQ: SBUX).
Starbucks broke out to new highs back on April 22, and
since that date, with the exception of the two days affected
by last week’s mini-crash, have held above $26.00
a share.
On six trading days April 22, Starbucks has come close,
intra-day, to breaking out above $27.42. This is a critical
resistance level and marks the 61.8% retracement of Starbuck’s
entire bear market decline.
If Starbucks can close decisively above $27.42 it will
be a new breakout. With strong support at $26.00 and a
potential breakout at $27.42, Starbucks is a strong candidate
for a bullish trade here with a stop just below $26.00.
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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but there is no guarantee that future results will be profitable. |
