Starbucks pulls back to the 200-day SMA after getting frothy
The world’s biggest coffee chain had a monster run in the first half, ripping from the mid 60s to a few cents from $100. It got a little frothy and had to pull back, but now it’s perked at the 200-day moving average and the buyers may be lining back up.
The company had a double-shot of strong earnings reports in July and October thanks to a winning blend of loyalty programs, price hikes and expansion into China.
The weekly chart is also interesting because SBUX has retraced half its move from the breakout and is holding a consolidation pattern from June:
SBUX
The company had a double-shot of strong earnings reports in July and October thanks to a winning blend of loyalty programs, price hikes and expansion into China.
The weekly chart is also interesting because SBUX has retraced half its move from the breakout and is holding a consolidation pattern from June:
SBUX
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