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Swing Trade Idea (SBUX) – January 30, 2024

Our bullish trade for Tuesday, January 30th is Starbucks Corp. (SBUX). SBUX is part of the Consumer Discretionary Sector, which found support and performed at 0.04% over the last week, with SBUX performing at 0.78% over the same period.

SBUX found support at a key area of $91 from where momentum is increasing and it is bouncing higher. With Earnings later today, SBUX could continue higher over the duration of this trade.

As a close, if SBUX were to trade below $91 for multiple days, this would invalidate our analysis and we will consider cutting losses on the trade. We will also consider cutting losses on this options trade if the value of the vertical spread moves above $4.86.