Current trend

Securities of Starbucks Corp. are traded within a long-term downtrend.

Last week, the quotes attempted a correction, rising to the reversal level of 93.75 (Murrey level [6/8]), supported by the central line of Bollinger Bands, but they could not break above it and resumed the decline. The instrument is currently testing the mark of 90.62 (Murrey level [5/8]), the breakdown of which will allow a continued decline within the central Murrey channel to 87.50 (Murrey level [4/8]) and 84.38 (Murrey level [3/8]). The key for the "bulls" is the level of 96.88 (Murrey level [7/8], the upper line of Bollinger Bands), with the breakout of which an attempt to change the downward trend and continue growth to 100.00 (Murrey level [8/8]) and 106.25 (Murrey level [ 2/8]) is possible, but such a scenario seems less likely in the near future.

Technical indicators show the continuation of the downtrend: Bollinger Bands and Stochastic are directed downwards, MACD is stable in the negative zone.

Support and resistance

Resistance levels: 96.88, 100.00, 106.25.

Support levels: 90.62, 87.50, 84.38.

Trading tips

Short positions should be opened below the level of 90.62 with targets at 87.50, 84.38 and stop loss near 93.00. Implementation period: 5-7 days.

Long positions can be opened above 96.88 with targets at 100.00, 106.25 and stop loss at 94.60.