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Starbucks Corp., Technical Analysis
12/12/2022 10:10 AMShares of Starbucks Corp., one of the largest companies in the world that owns the coffee chain of the same name, are trading at 102.00.
On the daily chart, the price is correcting near the resistance line of the global ascending channel with dynamic boundaries 87.00–105.00, preparing for a reversal and decline.
On the four-hour timeframe, it can be seen that the channel resistance line coincides with a full correction of 61.8% Fibonacci around 104.00, consolidation above, which will mean the transition of the correction to the trend stage but so far, the quotes do not have enough momentum to break it, and the decline to Fibonacci 50.0% intermediate retracement at 97.00 looks like the most likely scenario.
Technical indicators maintain a stable buy signal, not excluding a local correction: fast EMAs on the Alligator indicator narrow the range of fluctuations, approaching the signal line, and the AO oscillator histogram forms downward bars in the buying zone.
