Starbucks Workers Strike on Red Cup Day. The Stock Could Be Ready to Break Out Anyway.

Starbucks union members went on strike across the U.S. on Thursday in what they deemed a “Red Cup Rebellion,” but the stock was shrugging off these concerns. Technical analysis of the stock shows it breaking above a bearish descending triangle pivot near $86, or a formation that points to a likely continuation of a downtrend. Investors were thinking the stock would break below the bearish triangle pattern, but the latest move caught them by surprise, forcing them to cover their positions.