Chart To Watch

We've asked our friend Jim Robinson of profittrading.com to provide his expert analysis of charts to our readers. Each week he'll be be analyzing a different chart using the Trade Triangles and his experience.

Today he is going to take a look at the technical picture of Starbucks (SBUX)

SBUX made a strong move into the last high made on 04/16/12.

The move down off the high looks to be a counter trend correction as the MarketClub monthly Trade Triangle has stayed on a buy signal.

The MarketClub monthly Trade Triangle staying on a buy signal at least as of today, means the larger monthly trend is still up.

The weekly and daily MarketClub Trade Triangles are probably pointing down right now because of the counter trend correction.

If SBUX does trade higher from here and if the daily and weekly MarketClub Trade Triangles turn up, that would be very bullish price action for SBUX.

Thanks,
Jim Robinson
Profit Trading.com

 

One thought on “Chart To Watch

  1. Most of those chart analyses tell you the obvious things. It is currently everyone knowledge that the market goes up and they tell you this as a huge discovery. They draw trend lines, indicators, and so on to prove what is obvious. Where they have been to tell us to invest when the market was at the bottom and where they will be to get us out when the market is ready to fall.

    I now subscribe to the service that tells me exactly when the trend is going to change by issuing the corresponding buy and sell signals. I am very impressed with the result and start ignoring all these talking wizards and advisers. Here is the URL of the Web site if anyone interested
    http://stockmarketsignals.net.p9.hostingprod.com/

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