SBUX I was intrigued by a bear case and decided to take a look at it. Currently sitting on a FIB and anchored VWAP. If $95 breaks, it can head to $84 to $83 area, which is also a FIB and an anchored VWAP support. $91 and $88 area could provide a reasonably strong support.
If $84 fails, it can check back the multi-year trend line around $76 - $72 area. If that trend line breaks, $57 is not out of the question.
Current PE is 31. At $72 the PE is around $22. At $57 PE is around $18. Provide EPS stays constant.
So what would invalidate the bear case? Price closing above $102.
ER is on Aug 1st. As always it will make or break a chart.
No position. 👀ing.
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I am not a licensed professional. None of the posts that I published are investment advice. Do your own research.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.