Starbucks Corp (NASDAQ: SBUX) has seen hard times as of late. The stock has been victim to heavy selling pressure, causing a downside move of approximately 27.50% off it's recent highs around 40.

SBUX recently put in double bottom price action in the 29.00 - 29.50 range. The stock has now reversed slightly, and managed to break downtrend resistance. Is this a sign of life in SBUX?? It certainly could be from a technical perspective.



After breaking the middle peak resistance level in relation to the double bottom, the measured move takes SBUX to approximately 33.50. A move of this caliber would certainly start SBUX on a path to recovery. I'm considering picking up some shares on today's retracement to 31.50 resistance turned support.

Andy Swan is co-founder and head trader for DaytradeTeam.com. To get all of Andy's day trading, swing trading, and options trading alerts in real time, subscribe to a one-week, all-inclusive trial membership to DaytradeTeam by clicking here.