Company Description: Starbucks Corporation engages in purchasing, roasting, and selling whole bean coffees worldwide. The company also sells brewed coffees, espresso beverages, cold blended beverages, food items, teas, branded coffee drinks, a line of ice creams, and a line of compact discs through its retail stores. In addition, its stores offer pastries, sodas, juices, games, and seasonal novelty items, as well as coffee-related accessories and equipment, such as coffee grinders, coffeemakers, coffee filters, storage containers, travel tumblers, and mugs. Starbucks operates retail stores primarily in the United States, Canada, the United Kingdom, Australia, Singapore, and Thailand. As of January 27, 2005, the company had 8,700 outlets worldwide. Starbucks was founded by Howard Schultz in 1985 under the name Il Giornale Coffee Company and changed its name to Starbucks Corporation in 1987. The company is headquartered in Seattle, Washington.

Our Analysis: The shares of Starbucks Corporation 'SBUX' closed above a key upside resistance level on heavier than normal trading volume yesterday. The shares of 'SBUX' should continue to move higher and test $30.80/share, the point from which the shares of 'SBUX' gapped lower on the open of trading on January 5th of this year. If the shares of 'SBUX' close above that level then they should continue to move higher and test $31.93/share, their yearly closing high. A close above that level would create a long term cup pattern with a measured move to our upper price target of $41.08/share. I see downside support on the shares of 'SBUX' at $28.13/share, and have set my stops accordingly at $27.72/share.