Monday, November 12, 2007

SBUX - Starbucks


SBUX might have formed what I'm calling a SIAMESE HEAD AND SHOULDERS pattern...Basically, it's a HEAD and SHOULDERS pattern except that the HEAD is split into two distinct tops or a DOUBLE TOP around the $40 level...On the MONTHLY chart the price has clearly broken down below SUPPORT, however, I want to monitor SBUX because if the stock rallies near term with the markets overall countertrend rally then the body of the CANDLESTICK will have remaind abouve support with only the SHADOW descending below, as it has previously (see the LEFT SHOULDER)...It's certainly been hammered and seems to have relatively little downside remaining...

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