SBUX is forming a rounding bottom on the daily chart.
Despite the missing earnings reports and higher costs weighing on profits, there was strong buying volume yesterday, thus I would like to see SBUX break above the 99.2 area, then the 100 area. If it does, there is a liquidity gap on the daily to fill to at least 104.
If instead, SBUX starts forming a bear flag pattern, I would like to see it break below 93.9 level, and we will see it go to 92.66, then a small gap to fill to 91.1. If it does break that, there is more room for SBUX to fall to 89.2 then 87.3.
Despite the missing earnings reports and higher costs weighing on profits, there was strong buying volume yesterday, thus I would like to see SBUX break above the 99.2 area, then the 100 area. If it does, there is a liquidity gap on the daily to fill to at least 104.
If instead, SBUX starts forming a bear flag pattern, I would like to see it break below 93.9 level, and we will see it go to 92.66, then a small gap to fill to 91.1. If it does break that, there is more room for SBUX to fall to 89.2 then 87.3.