While I believe $87.50 is the point of contention for price action in the days to come, it’s difficult to say whether SBUX will be either below $70.00 or well above $100.00 by the end of Q4 2024. Either way a set up does present itself. The consumer is undergoing discretionary spending and currently this stock is down 15.43% year to date. When sentiment shifts, I see no reason as to why this asset couldn't be a decent performer in one's portfolio. The trading game plan is as follows.
1.) Short entry at 83.05 from the 100 4HR EMA
2.) SL set at 88.20
3.) TP 1 78.69
4.) TP 2 74.50
5.) TP 3 72.00
1.) Short entry at 83.05 from the 100 4HR EMA
2.) SL set at 88.20
3.) TP 1 78.69
4.) TP 2 74.50
5.) TP 3 72.00