Starbucks Corp SBUX - Daily - BIG TOP FORMATION IMPLIES $10 DROP
Big top formation. Look for $60 or less by year end. $70.03 last.
The rising wedge is an added bonus AND the earnings support at $69.75 is the final hope, but you can see it has been tested many times so far.
Note my other chart on how overvalued SBUX based on trading at 3 times its revenues, but not much in the way of earnings.
Risk: 3 ATR's (11-day ATR), Target $60.
Tim
3:01PM EST, May 20, 2014 70.04 last -0.98
The rising wedge is an added bonus AND the earnings support at $69.75 is the final hope, but you can see it has been tested many times so far.
Note my other chart on how overvalued SBUX based on trading at 3 times its revenues, but not much in the way of earnings.
Risk: 3 ATR's (11-day ATR), Target $60.
Tim
3:01PM EST, May 20, 2014 70.04 last -0.98
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