We've asked our friend Jim Robinson of profittrading.com to provide his expert analysis of charts to our readers. Each week he'll be be analyzing a different chart using the Trade Triangles and his experience.
Today he is going to take a look at the technical picture of Starbucks (SBUX)
SBUX made a strong move into the last high made on 04/16/12.
The move down off the high looks to be a counter trend correction as the MarketClub monthly Trade Triangle has stayed on a buy signal.
The MarketClub monthly Trade Triangle staying on a buy signal at least as of today, means the larger monthly trend is still up.
The weekly and daily MarketClub Trade Triangles are probably pointing down right now because of the counter trend correction.
If SBUX does trade higher from here and if the daily and weekly MarketClub Trade Triangles turn up, that would be very bullish price action for SBUX.
Thanks,
Jim Robinson
Profit Trading.com
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