Trade of the Day: Starbucks (SBUX)

This trade's about more than pumpkin spice lattes

   

Trade of the Day: Starbucks (SBUX)

Starbucks has been charging up all year on positive growth and strong fundamentals, and in fact, I recommended the stock not too long ago for a short-term trade. Since then, the stock has been consolidating around the middle of its Keltner channel, giving traders additional time to enter the trade, so I wanted to reiterate my bullish rating. If bulls keep up their recent habits, it will be bought again around this area.

SBUX1120 Trade of the Day: Starbucks (SBUX)

SBUX shares slipped 0.3% on Wednesday, but they are still in good shape as they consolidate around the middle of the uptrend channel. The dip gives new money a great chance to enter a short-term trade.

Recommendation: Buy SBUX at current levels for an $85 target.

Jon Markman operates the investment firm Markman Capital Insights. He also writes a daily trading newsletter, Trader’s Advantage, and CounterPoint Options, a service geared towards helping individual traders make steady, consistent profits with the VIX.  Follow Jon Markman at Google+.


Article printed from InvestorPlace Media, http://investorplace.com/2013/11/trade-day-starbucks-sbux-2/.

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