Starbucks Nears Max Move Level
InTheMoneyStocks.com | May 09, 2019 12:20AM ET
Shares of Starbucks (NASDAQ:SBUX) continue to make new all-time highs, hitting a high of $78.57. However, this is nearing a maximum move if you look at the monthly chart and draw a trend line starting in 2005 and connecting to the 2015 high. The trend line extends out and finds the current price just a shade below that. This tells us that Starbucks is near its maximum before the next strong pull back. Upside potential should be $80, then look for a strong sell back to $70. Pro traders are looking to short this in the coming days.
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