Trade Alert - Starbucks High Volume
Published on Monday, 16 April 2012 11:38 Written by TradersHuddle Wire
New York, April 16th (TradersHuddle.com) - Unusual high volume detected on shares of Starbucks Corporation (NASDAQ:SBUX) early in the trading session. The pace in volume of Starbucks points to a break above average, with sellers in control, as the stock is 2.76% lower.
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 has already traded 0.817 times its 3-month average volume and has calculated support and resistance at $42.67 and $58.47 respectively. Traders like to use volume as their lie detector for price action movement through predefined trading ranges.
The overall market index S&P 500 is trading flat by -0% from its previous trading close, which means that Starbucks stock is underperforming the overall market.
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