Last week has been rough for SBUX having dropped $7 (12%) in a matter of 6 days. Now approaching the round level of $50 and losing its bear steam, we may see a short term bounce.
I've drawn a wedge down (bullish pattern) and would like to see a green day breaking this pattern before entering a short term long position with a stop below the $50 mark.
Now, I'm also fully prepared to go short have this break through that $50 mark as that would be very bearish and we may see the low $40's soon after.
Its a matter of waiting to see what happens.
Share your thoughts down below and happy trading :)
I've drawn a wedge down (bullish pattern) and would like to see a green day breaking this pattern before entering a short term long position with a stop below the $50 mark.
Now, I'm also fully prepared to go short have this break through that $50 mark as that would be very bearish and we may see the low $40's soon after.
Its a matter of waiting to see what happens.
Share your thoughts down below and happy trading :)