SBUX has been trading within a rising channel. With the sell down in Nasdaq it was not spared and had come down from a recent high of 119 back to test this channel support at 109.5 yesterday.
The market is very volatile now and there is a chance Nasdaq could correct further, hence a conservative entry would be to wait for price to be able to break yesterday's candle high (>112) before attempting to go Long with an initial stop loss about $1 below yesterday's candle low of 109.5
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Feel free to give me your thoughts ! :)
The market is very volatile now and there is a chance Nasdaq could correct further, hence a conservative entry would be to wait for price to be able to break yesterday's candle high (>112) before attempting to go Long with an initial stop loss about $1 below yesterday's candle low of 109.5
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Feel free to give me your thoughts ! :)