Starbucks Corp (NASDAQ: SBUX) Closes
in on Breakout Says Market Timer Frank Kollar
June 3, 2010 (FinancialWire) (By Frank Kollar)
Shares of Starbucks Corp (NASDAQ: SBUX) rose 3.3% on Wednesday,
June 2 as the stock market rallied across the board.
But unlike most stocks which have substantial correction
losses to make up, Starbucks is only about 4% from its
2010 highs.
Those highs are also right at strong resistance, the 61.8%
retracement level of the entire 2008-2009 bear market decline.
A close above this resistance level, at $27.42 as well
as a close above Starbuck’s prior highs at $27.85,
would be a breakout for this widely followed and heavily
traded stock.
If the breakout occurs, we are looking for Starbucks to
reach our next target for this stock, at $32.95, in coming
weeks.
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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