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- 1 Bulls have attained momentum over SBUX stock, trying to fill the pending gap near $112.
- 2 SBUX stock price has retested the 38.2% Fibonacci level.
Starbucks Corp. (NASDAQ: SBUX) stock price reversed from the support zone and made a hammer candlestick at the base, indicating that bulls have retained the gains. Moreover, the SBUX share price is close to the upper trendline and round mark of $100 and may see a breakout soon. Bulls have attained momentum and will try to fill the pending gap near $112.
The trend of SBUX stock is intact and favoring the bulls for an up move, and buyers are looking to surpass the 20-day EMA to extend the buying momentum. Furthermore, the chart structure indicates a falling wedge pattern, which suggests that an upward rally will begin and that the stock might skyrocket soon.
SBUX stock price shows that buyers have managed to hold the gains near the support of $90, rescued the muscles, and are looking to sustain above the round mark of $100. Moreover, it needs to surpass the critical hurdle of a 20-day EMA and try to attain a follow-up on buying action on Monday. Furthermore, SBUX stock is trading near the breakout zone, and sellers stay cautious and will cover their positions when the breakout comes.
At press time, SBUX stock price is trading at $98.00 with an intraday gain of 0.57%, showing a reversal on the charts. Moreover, the trading volume remained at 4.765 Million, and the market cap is $112.249 Billion. However, Analysts maintained a buy rating with a yearly target price of $113.69, suggesting a growth outlook for the upcoming sessions.
Starbucks Corp. engages in the production, marketing, and retailing of specialty coffee. It operates through the following segments: North America, International, Channel Development, and Corporate and Other. The North America segment focuses on the United States and Canada. The International segment involves China, Japan, Asia Pacific, Europe, the Middle East, Africa, Latin America, and the Caribbean. The Channel Development segment includes roasted whole bean and ground coffees, Seattle’s Best Coffee, and Teavana-branded single-serve products.
SBUX Stock Near Breakout On Daily Charts
On the daily charts, SBUX stock price shows a falling wedge pattern, and buyers are looking to surpass the upper trendline above $100. Moreover, the price action shows that sellers have tried their best to drag the price but failed in front of the mighty bears, and bulls overcame the gains and made a strong hammer candlestick. Afterward, buying action carried forward, and the price showed consecutive gains. However, the 20-day EMA acts as a barrier and interrupts the bulls to extend the gains above $100.
As per the Fib levels, SBUX stock price has retested the 38.2% level and is close to the 50% showing neutrality on the charts. Moreover, the price is on the verge of the Bollinger band and suggests a follow-up buying action will continue in the following sessions.
The RSI curve stayed near neutrality and formed a bullish divergence, suggesting a positive outlook for the upcoming sessions.
The MACD indicator showed a bullish crossover and formed green bars, indicating that buyers have started accumulating and are looking to surpass the cluster of $100 in the following sessions.
Summary
Starbucks Corp.’s (SBUX stock) price is near the breakout zone and will try to surpass the hurdle of $100 in the following sessions. Buyers have started accumulation and are looking to extend the gains by overtaking the 20-day EMA mark. However, sellers also tried to break the voyage and bring the short positions as well.
Technical Levels
Support Levels: $95 and $90
Resistance Levels: $105 and $120
Disclaimer
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Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
