Starbucks Corporation (NASDAQ:SBUX) traded 3% higher on Tuesday morning, after appointing a new Chief Financial Officer.
Starbucks announced after the close on Monday that Patrick Grismer would be its new CFO. He has previously served as an executive at Hyatt Hotels (NYSE:H), Yum! Brands (NYSE:YUM) and Walt Disney (NYSE:DIS) and will help shape Starbucks ongoing efforts to refuel growth.
CEO Kevin Johnson explained that Grismer brings, “Tremendous finance expertise, a customer-centric mindset, and a wealth of restaurant industry experience.”
In reviewing the market cycles for SBUX, we can see that the stock has been in the rising phase of its current cycle for several months. We believe it is now topping, as it reaches resistance in the 78.8% Fibonacci confluence zone. As such, we expect a pullback to $54 by November. We see that as a buying opportunity, as it looks like the stock’s long-term patterns have improved.
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