Updated with comments from Jim Cramer.

NEW YORK (TheStreet) -- With Monday's steep 3.8% drop, Starbucks (SBUX) - Get Report appears to be leaving behind a significant top.

The stock first began struggle with heavy resistance near the $59 area in late July. In September, shares are once again turning away from this key level and appear to have lost the healthy upside momentum that has been in place since the start of September.

Starbucks now is in a vulnerable position and may soon offer investors an entry opportunity at much lower levels.

"I don't know much about Starbucks' chart," TheStreet'sJim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio, of which Starbucks is a holding. "I know business is strong and it is doing many things right. I would be inclined to buy more if it trades to the $40s, but I always appreciate what the charts are saying."

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Starbucks retested its July spike high in early August two weeks before the flush began. Just last week, shares had recovered all of the extreme damage left behind during the Aug. 20 to Aug. 24 meltdown. It was a very impressive recovery, to say the least, but in the end, the heavy resistance zone near $59 remained insurmountable.

On Friday, Starbucks put in its third straight monthly high near this area while upside trade continued to remain below average. The stock's selloff on Monday may be the initial leg of a deep pullback from what is now looking very much like a "double top."

In the near term, Starbucks investors will likely benefit from remaining on the sidelines. Lower entry levels are ahead as the overhead pressure builds. Strabucks has a very solid support area in place just below $53, roughly 5% below current levels. Starbucks' September low is here, as well as the early June highs. Just below is the April high of $52.10.

Investors should focus on this support zone over the next few weeks. If Starbucks can stabilize near this area ahead of its Oct. 29 earnings report, the stock would be set up well for a rally on positive fourth-quarter results.

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Disclosure: This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.