Starbucks Corp

SBUX remains in a Stage 2 advancing uptrend with a dominant Higher Highs & Higher Lows pattern confirming medium-term bullish permission, but the recent pullback into the rising 9/20 EMA zone and neutral OB/OS context suggest waiting for stronger support before engaging. We will stalk for a pullback into the EMAs and prior consolidation area before executing.

• ↑Q2 revenue $9.5B (+8% YoY); global comps +6%.
• ↑Operating margin improved to 9.4% (+110 bps) via Green Apron efficiency.
• ↓Cost inflation drove ~1/3 of North America margin contraction.