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Starbucks Corp. Trades in the Local Ascending Corridor

11/30/2022 2:52 PM

Shares of Starbucks Corp., one of the world's largest coffee companies, are in a corrective trend around 98.00.

Yesterday, the traditional annual strike of coffee shop workers in the United States took place, which was timed to coincide with Red Mug Day, when stores give souvenirs to visitors, which is why traditionally, there are huge queues in stores. For years, employees have been pushing for the corporation to pay them extra on these days by changing the terms of their employment contracts, but this time, team members unhappy with recent layoffs have also joined the protests, which has already led to a slowdown in some places in large US cities.

Q3 Starbucks Corp. financial report was perceived neutrally by the market, with quarterly revenue of 8.4B dollars, above the estimated 8.312B dollars, and GAAP earnings per share of 0.81 dollars, exceeding expectations of 0.72 dollars. Even though the numbers beat forecasts, earnings came in below 0.84 dollars in the previous quarter.

Last week, on November 25, increased dividends were paid, amounting to 0.53 per share, yielding 2.29% per annum.

On the daily chart of the asset, the trading instrument moves within a local ascending corridor, reversing downwards.

Technical indicators keep a weakening buy signal: the range of EMA fluctuations on the Alligator indicator began to narrow, and on the AO oscillator, the histogram forms downward bars in the buying zone.

Resistance levels: 100.20, 106.70. | Support levels: 95.80, 90.00.

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