December 30, 2011
Shares of Starbucks Corp (NASDAQ: SBUX) are making new highs on an almost daily basis.
Starbucks is the leading fresh coffee and specialty coffee brewer plus sells high quality whole coffee beans and coffee related equipment.
Starbucks has been in rally mode since reaching a correction low at $35.12 in early October. Currently trading near $46.00 a share, this stock could move dramatically higher if the stock market finally gets out of its sideways trading pattern.
Thursday’s advance puts shares well above their 2006 highs and they are approaching resistance at $46.84. But news highs tend to be followed by more new highs so this resistance level may have little effect.
A sell stop at $42.60, just below the December 14 intra-day lows, would make this a fairly low risk bullish trade.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy holds a position in Starbucks.
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