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Starbucks Corp., Technical Analysis

8/16/2022 12:10 PM

Shares of Starbucks Corp., one of the largest companies in the world that owns the coffee chain of the same name, are trading around 89.00.

On the daily chart, the price has left the global downwards channel, having consolidated above the initial Fibonacci 23.6% correction at 82.50, and is currently correcting upwards.

On the four-hour timeframe, the quotes of the trading instrument have almost reached another correctional level — the basic Fibonacci correction of 38.2% around 90.80, consolidation above which will be the main signal to continue the confident upward dynamics and reach the full correction level of 61.8% Fibonacci at 104.40, coinciding with the resistance line of the global downtrend.

Technical indicators keep a buy signal: fast EMAs on the Alligator indicator are above the signal line and continue to move away from it, while the AO oscillator histogram forms upward bars in the buying zone.

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