Weekly chart:
After the Starbucks price rose to a new high at 64$, it then went back to precisely the last point two at 59.32$. From there, the price was able to push itself off upwards last week and seems to be starting a new movement. However, the trend is already very mature, making it questionable whether the price can rise much higher than the last high.
Daily chart:
In the daily chart the situation looks slightly more positive, since the price is coming out of very deep in the correction zone. This leaves enough space to the last high. With a stop loss beneath the green correction zone, one can speculate on a continuation of the trend.
Hourly chart:
Unfortunately, the last correction led to a downtrend in the hourly chart. This could only be equalized with the rise from Friday. In this trend size, we are lacking a valid trend in order to place a meaningful trade.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
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