The company's stock had a rough June, hitting a bottom of $48.54 on June 28 when Starbucks announced its CFO would retire in November. But the Mad Money host and technician Tim Collins, his colleague at RealMoney.com, believe that the charts are showing that the worst has passed for the Seattle-based company.
"Since Starbucks was the original pumpkin spice pioneers, it tends to give them a shot in the arm," Cramer said.
The daily chart shows that in addition to last week being strong, buyers have pushed shares up 15 percent from the summer bottom.
Collins is feeling bullish because the stock is trading above the 50-day simple moving average for the first time since May. (The simple moving average takes the average closing price of a stock over a number of periods.)
"Typically, technicians like to buy winners and shun losers," Cramer said. "More often than not, it works, and when the stock is above its 50-day moving average, you know it's behaving like a winner."
The 20-day moving average has also crossed above its 50-day moving average, which Cramer said means the rally is accelerating. While Collins wouldn't be too excited about this fact in itself, it has him looking for more upside combined with other points.
But one area does give Collins a reason to pause.
When the company reported in June, the stock dropped to $54.50 with no trading in between, creating what technicians call an unfilled gap. Collins thinks that price will act as a ceiling of resistance until Starbucks manages to break out and fill in the gap.
"Basically, if Starbucks can just rally a few cents from here, he's projecting that the stock will easily run up another nine to 10 percent," Cramer said.
Collins' optimism continues when it comes to the stochastic oscillator at the bottom of the weekly chart.
This indicator helps measure if a stock is being bought or sold too much.
Last week, the oscillator showed that Starbucks' stock was still being oversold. That's not the case this week, but it's still far from being overbought.
"In other words, the oscillator's saying that Starbucks has not moved up too far, too fast," Cramer said.
Add in that coffee prices keep trending lower — meaning higher gross margins for the coffee chain — and Collins likes Starbucks as long as its price stays above $50.
Without a breakdown below that level, Collins predicts that the stock could reach $57 in the near future and maybe even hit $60 by Thanksgiving.
"Perhaps, as pumpkin spice season arrives, the stock will take off," Cramer said. "We've been burned by this one before, but maybe the chart's signaling that Starbucks is finally getting its act together and as long as coffee prices stay down, I wouldn't be surprised if it can continue."