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Starbucks Corp., Murrey Analysis

2/27/2023 3:28 PM

The shares of Starbucks Corp., one of the largest companies in the world that owns the coffee chain of the same name, are moving in a long-term upward trend. At the beginning of the month, the quotes reached 109.38 (Murrey's level [3/8], the upper limit of the rising channel) but failed to break above it and began a corrective decline. Currently, the price has fallen below 103.12 (Murrey level [1/8]), which gives the prospect of reaching the lower limit of the main Murrey trading range 100.00 (Murrey level [0/8]) and the pivot level 96.88 (Murrey level [–1/8]). The key “bullish” level is 106.25 (Murrey level [2/8]), supported by the middle line of Bollinger bands: if it breaks up, the positive dynamics will resume to the levels 109.38 (Murrey level [3/8]) and 112.50 (Murrey level [4 /8]).

Technical indicators reflect that the downside potential remains but looks limited: Bollinger bands are reversing downwards, the MACD histogram has moved into the negative zone but Stochastic may leave the oversold zone soon and form a buy signal.

Resistance levels: 106.25, 109.38, 112.50. | Support levels: 100.00, 96.88.

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