Starbucks to test highs of the year!
Starbucks is the 5th largest company in the consumer discretionary sector by market cap. Having said that, it has largely missed out on the outperformance of the sector vs the S&P 500 during this rally and is trading significantly below the prior highs of the year.
Starbucks flagged a “Go” on August 10th and the trend has remained intact. Recently, we saw a low risk entry point as the GoNoGo Oscillator rallied off zero.
On Friday, price broke above a recent high, setting the stage for a test of the pre coronavirus highs.
If price consolidates above 84, then it is realistic to look for the coffee giant to brew up a rally which would test the highs around 94, and in doing so catch up with the rest of the consumer discretionary sector.
Starbucks flagged a “Go” on August 10th and the trend has remained intact. Recently, we saw a low risk entry point as the GoNoGo Oscillator rallied off zero.
On Friday, price broke above a recent high, setting the stage for a test of the pre coronavirus highs.
If price consolidates above 84, then it is realistic to look for the coffee giant to brew up a rally which would test the highs around 94, and in doing so catch up with the rest of the consumer discretionary sector.
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