Above Resistance - Starbucks

Published on Wednesday, 08 February 2012 07:44 Written by TradersHuddle Wire

New York, February 8th (TradersHuddle.com) - Shares of Starbucks Corporation (NASDAQ:SBUX) closed the trading session at $48.41 just above calculated resistance at $48.39 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

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' stock was trading in a well defined range with support at $42.67 and resistance at $48.39, given that this range was broken traders will be closely monitoring the stock