Current trend

The shares of Starbucks Corp., one of the largest companies that owns the coffee shop chain of the same name, are moving within a long-term downward channel, trying to correct since the middle of last month. The price reached 79.69 (Murrey level [7/8]) but could not consolidate above it and returned to the central mark of the Murrey trading range 75.00 (Murrey level [4/8]), supported by the middle line of Bollinger Bands. Its breakout will allow the asset to reach ​​71.88 (Murrey level [2/8], the lower line of Bollinger Bands) and 68.75 (Murrey level [0/8]). If the quotes consolidate above 79.69, an increase to 84.38 (Murrey level [ 2/8]) may follow.

Technical indicators do not give a single signal: Bollinger Bands have switched to horizontal movement, the MACD histogram is decreasing in the negative zone, and Stochastic has reversed downwards.

Support and resistance

Resistance levels: 79.69, 84.38.

Support levels: 75.00, 71.88, 68.75.

Trading tips

Short positions may be opened below 75.00, with the targets at 71.88, 68.75, and stop loss 77.45. Implementation period: 5–7 days.

Long positions may be opened above 79.69, with the target at 84.38, and stop loss 77.00.