SBUX
I was intrigued by a bear case and decided to take a look at it. Currently sitting on a FIB and anchored VWAP. If $95 breaks, it can head to $84 to $83 area, which is also a FIB and an anchored VWAP support. $91 and $88 area could provide a reasonably strong support.
If $84 fails, it can check back the multi-year trend line around $76 - $72 area. If that trend line breaks, $57 is not out of the question.
Current PE is 31. At $72 the PE is around $22. At $57 PE is around $18. Provide EPS stays constant.
So what would invalidate the bear case? Price closing above $102.
ER is on Aug 1st. As always it will make or break a chart.
No position. 👀ing.