Monday, February 23, 2009

SBUX Analysis for 02.23.2009

STARBUCKS CORP. - SBUX
Monthly chart remains bearish with price below all moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe. Targets 1 and 2 have been hit. Next downside target is the the $6 - $5 level.
Weekly chart remains bearish with price below all key moving averages. No buy signal/pattern evident on this timeframe.

Daily chart shows price action tracing out a consolidation pattern. Look for continued weakness and a re-test of the current low and then new lows to be made.

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