As long as they markets continue to grind higher, I think SBUX can push higher towards $111 - $112.50 area where the VPOC and Volume supply is on the daily (short term).
I want to see an impulse move in that direction (with volume) that confirms a potential wave 1 reversal. Any weakness in the market and I want to be aware that if we break below our previous low ($104.02), we have an unfilled gap below at $91.29 which is closer toward our 2.62 extension level of this pullback. We do have a potential C wave completion here of the ABC correction but SBUX must now trade above it previous low or else wave C is not yet complete.
Support (green lines) and resistance (red lines). Orange box is a mix of heaviest resistance from VPOC and Volume supply zone. Hope this helps!
I want to see an impulse move in that direction (with volume) that confirms a potential wave 1 reversal. Any weakness in the market and I want to be aware that if we break below our previous low ($104.02), we have an unfilled gap below at $91.29 which is closer toward our 2.62 extension level of this pullback. We do have a potential C wave completion here of the ABC correction but SBUX must now trade above it previous low or else wave C is not yet complete.
Support (green lines) and resistance (red lines). Orange box is a mix of heaviest resistance from VPOC and Volume supply zone. Hope this helps!
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