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Starbucks Corp.: Murray analysis

12/22/2022 2:44 PM

The quotes of Starbucks Corp., one of the world's largest coffee companies, continue to trade within the framework of a long-term upward trend, but since the beginning of this month they have been correcting downwards.

Having reversed in the area of 105.50 in the reversal zone, the price returned to the main Murray trading range and tested the level of 96.88 (Murray level [7/8]), consolidation below it will give the prospect of further decline to the area of 93.75 (Murray level [6/8]), 90.62 (Murray level [5/8]), 87.50 (Murray level [4/8]). In case of a repeated breakout of the upper limit of the trading range of 100.00 (Murray level [8/8]) and the middle line of the Bollinger Bands (101.00), the price growth will be able to resume up to the level of 106.25 (Murray level [+2/8]).

Technical indicators allow the end of the downward correction and the resumption of the growth of quotations: the Bollinger Bands are directed upwards, the Stochastic is preparing to leave the oversold zone and form a buy signal, and the MACD histogram is decreasing in the positive zone. 

Resistance levels: 101.00, 103.12, 106.25. | Support levels: 96.88, 93.75, 90.62, 87.50.

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