Starbucks Rises 1.05% on Heavy Volume: Watch For Potential Pullback
Starbucks (NASDAQ:SBUX) traded in a range yesterday that spanned from a low of $52.90 to a high of $53.74. Yesterday, the shares gained 1.0%, which took the trading range above the 3-day high of $53.37 on volume of 5.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Starbucks has traded in a range of $42.05 to $64.00 and is now at $53.20, 27% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.2%.
SmarTrend recommended that its subscribers protect gains by selling shares of Starbucks on August 8th, 2016 by issuing a Downtrend alert when the shares were trading at $55.58. Since that call, shares of Starbucks have fallen 5.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: rebounders Starbucks