Starbucks $SBUX is doing really well, especially after the November 2 earnings report for fiscal Q4 2018 (which is basically Q3, July through September). The report, which came out Thursday after-hours caused Friday's candle to gap up as we can see on the daily chart. We noted that price needed to clear $60.15 to be counted as a strong breakout, and price pushed above $64. This rally continues and is pushing into new highs on the year. Starbucks (SBUX) Needs to Clear $60.15Starbucks (SBUX) Stock Up on Q4 Earnings and Revenue Beat (Zacks.com)SBUX Daily Chart(click to enlarge)Bullish Market:- The price action since 2017 has been flat with a slightly bearish bias in 2018. However, this consolidation/correction period appears to be over and a new phase of bullish trend has started. - However, I would not want to jump on the ride just yet. - For one, we have already seen price rally form around $48 to almost $68 (41%) since July. - The daily RSI is way above 70, which suggests overbought condition in the short-term.- I would want to wait for price fall back towards the $60-$62 area, which I think is going to be a key support.- Even if price does not pull back so much as is the case with strong breakout bullish swings, I would still want to wait until the RSI has come down to the 40-50 area, preferably closer to 40. - In fact, I have already started closing out long positions I had in SBUX, while preparing to buy again when price is back to $60-$62 and/or the RSI is back in the 40-50 area.