November 4, 2009 (FinancialWire) (By Frank Kollar) — Shares of Starbucks Corp (NASDAQ: SBUX) are between important support and resistance levels that will determine their course for the weeks ahead.

Starbucks has resistance at the $20.00 level, where the current declines picked up downside momentum. Starbucks also has strong support at $18.74, the closing lows for this correction. The $18.74 support is critical because it is where a rising trend line support, in place since the March lows, has stopped the recent losses.

Starbucks will move above or below one of these in coming days and the move is likely to determine the course of shares for several weeks at least.

A close above $20.00 should propel shares to a test, and possible breakout, of the prior 2009 highs at $20.94.

A close below $18.74 would likely doom shares to a test of the next support level down at $16.93.

The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy holds a position in Starbucks.

Frank Kollar has been timing the financial markets since 1982, with online service since 1996. He is a dedicated trend timer and his strategies exited the markets before the crash in 1987 as well as the bear market in 2000 through 2002. During the 2000-2002 bear market, his bearish positions resulted in gains exceeding 100 percent, all achieved by trading trends.

Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.

Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.