Stabucks forming massive 9 year triangle?

8 Mei

Starbucks could be building into a triangle pattern of epic scale. Presently on the weekly chart, we are looking for an eventual rebound from current price levels which is roughly in line with low points from 2020 & 2022. The real breakout could be years in the making though, whereupon a potentially massive measured move higher out of the edge of the triangle. In the meantime the stock doesn't look that attractive. Maybe milk the 3% dividend and look for a move up to touch the triangle, say even $90 as a price target? The might sound nice, but it's unlikely to materialize in the near term. Bad news for the coffee giant could precipitate a further decline to the upper $50's. Add SBUX to your periodic watchlist, an uptick in momentum could signal a rebound rally trade, and a bit more confidence to get long somewhere in the medium term.