Current trend

The shares of Starbucks Corp., one of the largest companies owning the coffee shop chain of the same name, have been correcting upwards for the second month against the long-term uptrend: during this time, the price reversed at 71.88 (Murrey level [–1/8]), returned to the main Murrey trading range and is now testing the pivot level of 81.25 (Murrey level [2/8]), after consolidation above which an increase to the 87.50 (Murrey level [4/8]) and 93.75 (Murrey level [6/8]) is expected. In case of a breakdown of the key “bearish” lower border of the Murrey trading range 75.00 (Murrey level [0/8]), the decline will resume to the area of ​​68.75 (Murrey level [–2/8]) and 62.50 (Murrey level [–2/8], W1).

Technical indicators allow for growth: Bollinger bands reverse upwards, Stochastic is pointing upwards, and the MACD histogram is preparing to enter the positive zone.

Support and resistance

Resistance levels: 81.25, 87.50, 93.75.

Support levels: 75.00, 68.75, 62.50.

Trading tips

Long positions may be opened from 82.50, with the targets at 87.50, 93.75, and stop loss 79.00. Implementation period: 5–7 days.

Short positions may be opened below 75.00, with the targets of 68.75, 62.50, and stop loss of 77.30.