Updating "Perk up"
Due to the 2:1 stock split in the shares of Starbucks/SBUX, I think it important to update this post, in particular this comment...
"Note also that lows A & B are 2/3 of a potential double bottom, which require a trade (preferably, a close) above point C ($56.90) to confirm the pattern; call the breakout as $57 to include PnF analysis."
The $57 level equals $28.50 post-split; the shares traded yesterday as high as $28.25...
"Note also that lows A & B are 2/3 of a potential double bottom, which require a trade (preferably, a close) above point C ($56.90) to confirm the pattern; call the breakout as $57 to include PnF analysis."
The $57 level equals $28.50 post-split; the shares traded yesterday as high as $28.25...
[click to enlarge]The trade at $28.50 is the final holdout that transmutes this pattern from possible top to probable bottom. I have argued repeatedly that it (SBUX) is in the process of building a bottom, becoming more vocal (contentious?) the past month, as you know. No matter how long this base requires to complete itself, I see nothing but blue skies ahead.
posted by David M Gordon | 5:46 AM
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