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Market_Psychology
Mar 30, 2016 11:31 PM

Ascending triangle SBUX Long

Starbucks CorporationNASDAQ

Description

Price on SBUX since the beginning of the year has formed an almost text book ascending triangle. Normally this is a continuation pattern. However, for SBUX this would be a reversal after price sunk from the ATH of $64 to $54. If this triangle plays out like it should look for a 14% pop or price to go to around $67. Of course watch for the resistance at the previous ATH of in $62 -$64 range.
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