| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 73.95 |
| Take Profit | 68.75, 62.50 |
| Stop Loss | 78.15 |
| Key Levels | 62.50, 68.75, 75.00, 81.25, 87.50 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL LIMIT |
| Entry Point | 81.25 |
| Take Profit | 68.75, 62.50 |
| Stop Loss | 84.40 |
| Key Levels | 62.50, 68.75, 75.00, 81.25, 87.50 |
Current trend
Shares of Starbucks Corp., one of the largest companies that owns the coffee chain of the same name, are trading within a long-term downward trend, but this week the instrument intensified the decline, responding to falling sales and management's revision of profit forecasts for the current year for the worse. As a result, the quotes broke through the central mark of the Murrey trading range of 87.50 (Murrey level [4/8]) and reached the lowest values since June 2022 around 72.65. Currently, they are at the lower border of the trading range in the area of 75.00 (Murrey level [0/8]), from where it is possible to move towards the targets of 68.75 (Murrey level [-2/8]) and 62.50 (Murrey level [-2/8], W1). Going beyond the lower Bollinger Band does not exclude a corrective growth to 81.25 (Murrey level [2/8]), but it is unlikely to lead to a change in the current trend.
At the moment, Bollinger Bands are reversing down, MACD is increasing in the negative zone, and Stochastic is pointing down.
Support and resistance
Resistance levels: 81.25, 87.50.
Support levels: 75.00, 68.75, 62.50.
Trading tips
Short positions should be opened from the level of 74.00 or after a price reversal around 81.25 with targets of 68.75, 62.50 and stop-losses of 78.15 and 84.40, respectively. Implementation period: 5–7 days.
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