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

By Amy Schwartz

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 $76.14 and $76.61 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.

Starbucks Corp (NASDAQ:SBUX) is currently priced 16.0% above its average consensus analyst price target of $63.96. The stock should find initial support at its 50-day moving average (MA) of $71.77 and further support at its 200-day MA of $61.95.

Starbucks Corp share prices have moved between a 52-week high of $76.95 and a 52-week low of $47.37 and closed yesterday at 61% above that low price at $76.16 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 0.7%.

SmarTrend is tracking the current trend status for Starbucks Corp and will alert subscribers who have SBUX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle starbucks corp

Ticker(s): SBUX