Starbucks SBUX head and shoulders top in place
See chart.
See the price of coffee KC1! has doubled this year: from just over 11/LB to over 2/lb.
Note: Retailers are weak. Economy is flat. People spent their money on home heating oil and high energy costs and have been cutting back on discretionary coffee purchases. Perhaps the K-Cup is eating into SBUX business. $1 at home instead of $5 out at the local Starbucks.
Technically, the last rally should have taken out any weak shorts and it maintains a nice downward trend with a very visible "level of maximum supply" at 77 that I have labeled. You can see that over 20 days of trading action have occurred at that price and it represents supply or "breakeven- itis" selling that can take place. Those who bought there are happy to exit at breakeven.
Good trading to you.
Tim 2:34PM EST, 3/13/14
See the price of coffee KC1! has doubled this year: from just over 11/LB to over 2/lb.
Note: Retailers are weak. Economy is flat. People spent their money on home heating oil and high energy costs and have been cutting back on discretionary coffee purchases. Perhaps the K-Cup is eating into SBUX business. $1 at home instead of $5 out at the local Starbucks.
Technically, the last rally should have taken out any weak shorts and it maintains a nice downward trend with a very visible "level of maximum supply" at 77 that I have labeled. You can see that over 20 days of trading action have occurred at that price and it represents supply or "breakeven- itis" selling that can take place. Those who bought there are happy to exit at breakeven.
Good trading to you.
Tim 2:34PM EST, 3/13/14
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.