| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 74.95 |
| Take Profit | 71.88, 68.75 |
| Stop Loss | 77.45 |
| Key Levels | 68.75, 71.88, 75.00, 79.69, 84.38 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 79.70 |
| Take Profit | 84.38 |
| Stop Loss | 77.00 |
| Key Levels | 68.75, 71.88, 75.00, 79.69, 84.38 |
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.
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