SBUX at Weekly Support

Starbux (SBUX) opened the week below the Weekly SKB support after playing around there for many weeks prior.  The monthly is decidedly bullish.  Everyone needs their lattes no matter what the economy is doing. The week is just opened so I am going to be watching price action at this level of $53.03.

SBUX 10-17-2016 Weekly

SBUX Weekly Chart

Already, the lower timeframes are starting to setup possible iMTF’s that could provide a low risk entry to play the Weekly support to hold.

SBUX 30m chart

SBUX 30m Chart

What I would like to see is for price to break above these day and swing trading levels and then pull back to hold them as support for a bullish Call Option play.  We are still two weeks away from Earnings so depending on the timing volatility may be cheap enough for singles Call Options.

About the Author Maneshkumar Patel