Starbucks: 10 Things the Stock's Chart Is Showing

SBUX is having a decent year, is up over 16% year-to-date, and is performing slightly better than the S&P 500.

Today’s chart comes courtesy of a few reader requests for Starbucks Corporation (NASDAQ:SBUX), which operates as a roaster, marketer, and retailer of specialty coffee worldwide. As of September 30, 2012, the company operated 9,405 company-operated stores and 8,661 licensed stores.

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What I Am Looking At:

Having a decent year, up over 16% year-to-date, performing slightly better than the S&P 500 (INDEXSP:.INX).

Strong upside gap in beginning November on better than expected earnings.

Raises forecast on strong sales and plans for 1,300 new stores in 2013.

Positive sign to see shares breaking out from November 2 gap day’s range.

Also, breakout level has been significant resistance this fall and former support area from the summer.

200-day moving average breach.

Heavy bought-to-open calls for December expiration reside at the 52.5-strike, which was clearly broken this morning resulting in a delta-hedging rally.

10-day buy-to-open put/call ratio 1.22, ranks in the 91st percentile, indicating a strong preference for puts.

Eight out of 24 analysts still maintain “hold” ratings, potential for further upgrades.

All-time high made in mid-April at $62.00, next intermediate-term target.

This article by Tony Venosa, CMT, was originally published on Schaeffer's Investment Research.

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