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Starbucks Corp., Murrey Analysis

1/26/2023 3:09 PM

Shares of Starbucks Corp., one of the largest companies in the world that owns the coffee chain of the same name, are moving within a long-term upward trend. Currently, the price has gone beyond Murrey's main trading range (100.00) and is in the upper reversal range, testing 106.25 (Murrey's level [+1/8]), consolidation above which will give the prospect of further growth to 112.50 (Murrey's level [+ 2/8]). If the middle line of Bollinger bands is broken down around 104.00, the decline in quotes can resume to 100.00 (Murrey level [8/8], Fibonacci correction 50.0%) and 93.75 (Murrey level [7/8], Fibonacci correction 38.2%).

Technical indicators point to the continuation of the uptrend: Bollinger bands and Stochastic are directed upwards, while the MACD histogram is stable in the positive zone.

Resistance levels: 106.25, 112.50. | Support levels: 104.00, 100.00, 93.75.

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