SBUX Update

Posted by downtowntrader | 2/01/2006 04:21:00 PM | 0 comments »

Starbucks handily beat estimates and was trading higher in after hours trading.

Here are my updated charts on SBUX. I've recommended SBUX on a few occasions as I felt it would break out this sideways consolidation based on the support it was getting near 30. Looks like earnings are enough to break out of this consolidation and take SBUX to it's first target of 36.

Here is the daily chart. RSI downtrend is broken and MACD has crossed over. Look at last MACD cross.

Weekly chart yields a much larger target of 43.
Here is a snapshot of SBUX's short position. It would take 4.4days for shorts to cover at average volume.

Please do your own DD before initiating a position.

Good Luck,