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

By James Quinn

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 $56.58 and $57.36 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 Corp (NASDAQ:SBUX) has potential upside of 12.8% based on a current price of $56.69 and analysts' consensus price target of $63.96. The stock should discover initial support at its 200-day moving average (MA) of $55.97 and subsequent support at its 50-day MA of $53.10.

Starbucks Corp share prices have moved between a 52-week high of $61.94 and a 52-week low of $47.37 and closed yesterday at 20% above that low price at $56.69 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.

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.

SmarTrend recommended that subscribers consider buying shares of Starbucks Corp on August 15th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $52.62. Since that recommendation, shares of Starbucks Corp have risen 9.2%. We continue to monitor SBUX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle starbucks corp

Ticker(s): SBUX