In Thursday evening’s Forecast Report, we noted Starbucks’ (SBUX) near-term widening trend as an opportunity for longs to find a favorable entry point in pre-market trading. We targeted that area at 19.90 to 20.05 and as a secondary target, at 20.20 to 20.30. The stock moved above 20 for most of the pre-market session. But for those longs who bit at around the 20.20 area, their trade is up 5.3% as measured to the 21.28 day high.
On the short side, we targeted a sell signal at 20.74-20.60. The stock hit this mark early in pre-market trading. A buy at the middle of that range, as measured down to the pre-market low of 19.70, was 4.8% in the black.
