Starbucks (SBUX) got a jolt over the last five days with a surge above the upper trendline of a falling channel. Maybe it has something to the grand opening in the Brussels train station! Taking a step back, this pattern looks like a massive flag and the breakout signals a continuation higher.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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