Trade Alert - Starbucks at New Highs

Published on Thursday, 09 February 2012 11:34 Written by TradersHuddle Wire

New York, February 9th (TradersHuddle.com) - Shares of Starbucks Corporation (NASDAQ:SBUX) booked a new 52 week high today by trading above $48.81, traders are definitely monitoring Starbucks' price action to see if this move attracts further buying into the stock.

Starbucks Corporation (NASDAQ:SBUX) retails, roasts, and provides its own brand of specialty coffee. The Company operates retail locations worldwide and sells whole bean coffees through several distribution channels. Starbucks also produces and sells bottled coffee drinks.

Starbucks is currently trading 0.37% versus its previous trading session close, and it has calculated support and resistance at $42.67 and $48.39 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading lower by -0.05% from its previous trading close, which means that Starbucks stock is outperforming the overall market.