• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Starbucks Corp (NASDAQ:SBUX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Starbucks Corp (NASDAQ:SBUX) based on the price action in the company's shares. Yesterday's price range of $50.69 and $51.55 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Starbucks Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Starbucks Corporation retails, roasts, and provides its own brand of specialty coffee. The Company operates retail locations worldwide and sells whole bean coffees through its sales group, direct response business, supermarkets, and on the world wide web. Starbucks also produces and sells bottled coffee drinks and a line of ice creams.

Over the past year, Starbucks Corp has traded in a range of $47.37 to $61.94 and closed yesterday at $50.94, 8% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.7%.

Starbucks Corp (NASDAQ:SBUX) has potential upside of 25.6% based on a current price of $50.94 and analysts' consensus price target of $63.96. The stock should run into initial resistance at its 50-day moving average (MA) of $54.57 and subsequent resistance at its 200-day MA of $56.65.

SmarTrend recommended that its subscribers protect gains by selling shares of Starbucks Corp on June 5th, 2018 by issuing a Downtrend alert when the shares were trading at $55.99. Since that call, shares of Starbucks Corp have fallen 7.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle starbucks corp

Ticker(s): SBUX