Starbucks will do down short-midtermToday I entered into a put option position on Starbucks expecting a pullback to the 79-84 area. (golden pocket and .5 retracement level)
Some reasons:
- Bearish divergence on medium time frame oscillators
- Resistance levels noted on the chart as trend lines
It appears that Starbucks may be forming a head and shoulders pattern as well, I plan to hold some of my position in case this pattern plays out.
Goodluck!
