SBUX: Short Idea
Gapped down on bad news. Coming off daily divergence. Weekly overbought and possible outside candles breakdown. First target is the size of the new gap which also happens to be figure support at 100, 20 EMA, and 500 SMA, so might be good reversal long from there. Extension would be to about 96. Stop is daily close inside the gap.
Note
After stopping me out and filling the gap, SBUX looks like a potential short again if there is a move below 102.50. First target is just above the annual pivot. See DIA chart as well.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.