I know I've complained about this before, but it's been a while so let me get on my soapbox again. Starbucks (SBUX) needs to up the average temperature of their hot coffee drinks. When I order a coffee specialty drink, I do not feel as if I should have to order it "extra hot", it's coffee!!
The older woman that successfully sued McDonalds when the lid came off her hot coffee ruined the industry. In another 2-3 years it is probable that you will need to sign a waiver or check a box when ordering coffee saying that you understand the risks of a "hot" beverage.
After making a new 52 week high several weeks back, Starbucks (SBUX) stock chart has been anything but hot. Matter of fact, its share price has shaved $11 off since making that new high.
It's time to jump to the charts and see if temperatures are going to heat up or stay lukewarm.
Starbucks (SBUX) - Support Areas
This first chart for Starbucks (SBUX) is a 3 year weekly candlestick chart. It is an updated chart from my previous Starbucks (SBUX) full-length article. The previous article can be quickly referenced here:
The upper gray shaded box on the below chart was a scale-in purchase area identified in the June article. The lower gray shaded box is from the current analysis and subsequent chart activity. The current gray shaded box falls directly inline with the 100% Target Line from the red Fibonacci Extension Tool. It also falls inline with the confluence of bullish candlestick patterns and their support areas.
Look for Starbucks to….
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A breakout from its trading range is reviewed as well as price targets for both upside and downside breakouts.
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