STARBUCKS CORP.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 95.50 |
| Take Profit | 99.00 |
| Stop Loss | 94.00 |
| Key Levels | 89.20, 91.80, 92.00, 92.90, 94.00, 95.50, 99.00, 100.00, 110.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 93.00 |
| Take Profit | 89.20 |
| Stop Loss | 95.00 |
| Key Levels | 89.20, 91.80, 92.00, 92.90, 94.00, 95.50, 99.00, 100.00, 110.00 |
Shares of Starbucks Corp., one of the largest companies that owns the coffee shop chain of the same name, are moving in a corrective trend at 94.00.
On the daily chart, the price is holding near the lower border of the global ascending channel 110.00–92.00, trying to start a growth wave.
On the four-hour chart, the quotes have been trading around the support line for a long time, having tested it at 91.80, 92.00, and 92.90, and if they consolidate above the local high of 96.00, a correction with a global target of 100.00 is expected.
Technical indicators gave a poor buy signal: fast EMAs on the Alligator indicator are moving away from the signal line, expanding the range of fluctuations, and the AO histogram is forming ascending bars in the buy zone.
Trading tips
Long positions may be opened after the price rises and consolidates above 95.50, with the target at 99.00. Stop loss – 94.00. Implementation period: 7 days or more.
Short positions may be opened after the price declines and consolidates below 93.00, with the target at 89.20. Stop loss – 95.00.
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