SBUX
: Consolidation has formed in the stock, after nearing resistance at 56, which comes from the highs from 2011. So far it has been able to stay above 54.90 while pulling back from the resistance and consolidate into a triangle pattern similar to what we are seeing in (SPY). This pattern is a continuation pattern, so a break of this triangle would mean a move upwards and above this resistance.
There is the potential for SBUX to move 3%+ or to 57.30 if it breaks out of this triangle but more importantly above the 56.00 resistance level. Of course any drop below 54.90 and the pattern is void and SBUX would head back down to the high 53‘s. Keep an eye on this stock as it heads into earnings.