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Starbucks(SBUX - Get Report) is a roaster, marketer and retailer of specialty coffee in the world, operating in more than 50 countries. This stock is trading up 2.5% at $60.17 in recent trading.
Today's Volume: 5.2 million
Average Volume: 6.8 million
Volume % Change: 62%
Shares of SBUX are moving modestly higher today after Reuters reported that company officials responsible for China's growth are now in China instead of in its Seattle headquarters. Starbucks plans to expand its operations in China, despite pricing issues and tepid customers.
From a technical perspective, SBUX is bouncing right above some near-term support at $58.18 today on decent volume. This move is quickly pushing the stock within range of triggering a near-term breakout trade. That trade will hit once SBUX takes out some near-term overhead resistance at $62 with high-volume.
Traders should now look for long biased trades if SBUX can sustain a move or close over $62 with volume that's near or above 6.8 million shares. If we get that action soon, look for SBUX to make a run at $65 or higher in the near future.
Starbucks, one of
SAC Capital's holdings, was also featured earlier this month in "
5 Rocket Stocks Worth Buying in April."