SBUX
Starbucks will go down with its $4 cup of regular coffee.
After its Uptrend topped out April’21, SBUX entered a sideways market. This sideways market took form of a Head & Shoulders pattern.
Jan.’22, price broke down from this range. It confirmed the Head & Shoulder pattern as well as the Distribution stage. Price to enter a downtrend.
During the downtrend, price has been respecting the Dynamic Resistance of 50 ema. Anytime we have a downtrend, a pullback to the dynamic resistance, and have a Overbought Stochastic signal, this has been our entry to short.
March 30th,’22 was our 1st entry.
Currently, we have pulled back to dynamic resistance and have Overbought stochastic. Will be entering trade short
Entering trade short
Entry: 79.58
Stoploss: 84.22
Target: 62.26, 21.27%, 3.27 RR ratio
Starbucks will go down with its $4 cup of regular coffee.
After its Uptrend topped out April’21, SBUX entered a sideways market. This sideways market took form of a Head & Shoulders pattern.
Jan.’22, price broke down from this range. It confirmed the Head & Shoulder pattern as well as the Distribution stage. Price to enter a downtrend.
During the downtrend, price has been respecting the Dynamic Resistance of 50 ema. Anytime we have a downtrend, a pullback to the dynamic resistance, and have a Overbought Stochastic signal, this has been our entry to short.
March 30th,’22 was our 1st entry.
Currently, we have pulled back to dynamic resistance and have Overbought stochastic. Will be entering trade short
Entering trade short
Entry: 79.58
Stoploss: 84.22
Target: 62.26, 21.27%, 3.27 RR ratio
Note
Trade is still active.Trade closed: stop reached
Stoploss: 84.22
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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.
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.