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Starbucks Corp., Technical Analysis

11/1/2022 11:45 AM

Shares of Starbucks Corp., one of the largest companies in the world that owns the chain of coffee houses of the same name, are trading in a corrective trend around the 86.00 mark.

On the daily chart, the quotes are at the channel's support line with dynamic boundaries 88.00–100.00, preparing to return to their limits.

The four-hour chart shows that the support line coincides with the 38.2% Fibonacci base correction level at 88.30, consolidation above which will open the way for the price to the next resistance around 100.00. A continuation of the decline now looks unlikely but will be possible after consolidation below the initial 23.6% Fibonacci retracement around 81.50.

Technical indicators are uncertain: fast EMAs on the Alligator indicator fell below the signal line, and the AO oscillator histogram is forming upward bars in the sell zone.



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