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Brian Niccol Shakes Up SBUX, CMG

Written By: ChartChamp

August 13, 2024

SBUX has spiked up to a resistance zone between $90.40 and $96.60. I have done a lot of research on Brian Niccol, I think he is a great CEO and I’m sure he will do big things for Starbucks. The price swings are definitely justified here.

CMG has dropped 30% from its local highs, and is trading near a key support level around $49.50. There have been wicks down to $48, and I would monitor this $49.50 support level to see if it holds here. If not, I think CMG could drop to around $40-41 for a buy opportunity there. CMG just lost a great leader, and Chipotle has not announced their new CEO yet. They will need to choose wisely here or else there could be further downside.

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