SBUX
Daily chart analysis
We are currently still in a long-term uptrend respecting the 200ema.
Price was in an Uptrend channel between April 2020 – August 2021. Price broke out of the channel and went into what looks like a correction channel that is has been respecting end of August 2021 – December 2021. Price had a false breakout early December to only fall back into the correction channel. Price rejected 200ema and followed to breakout of correction channel for a second time. The bounce from the 200 ema shows strength bulls are looking to break upwards and start new uptrend channel.
With this breakout, price is looking to confirm a “Measured Move up”.
Entry: Current price
Stop: trailing 50ema.
Daily chart analysis
We are currently still in a long-term uptrend respecting the 200ema.
Price was in an Uptrend channel between April 2020 – August 2021. Price broke out of the channel and went into what looks like a correction channel that is has been respecting end of August 2021 – December 2021. Price had a false breakout early December to only fall back into the correction channel. Price rejected 200ema and followed to breakout of correction channel for a second time. The bounce from the 200 ema shows strength bulls are looking to break upwards and start new uptrend channel.
With this breakout, price is looking to confirm a “Measured Move up”.
Entry: Current price
Stop: trailing 50ema.
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