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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. Today's price range of $84.41 and $84.54 is within yesterday'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.

In the past 52 weeks, Starbucks Corp share prices have been bracketed by a low of $47.37 and a high of $84.83 and are now at $84.41, 78% above that low price. The 200-day and 50-day moving averages have moved 0.90% higher and 0.90% higher over the past week, respectively.

Starbucks Corp (NASDAQ:SBUX) defies analysts with a current price ($84.41) 24.2% above its average consensus price target of $63.96. The stock should discover initial support at its 50-day moving average (MA) of $78.32 and subsequent support at its 200-day MA of $68.15.

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 January 25th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $66.90. Since that recommendation, shares of Starbucks Corp have risen 26.6%. We continue to monitor SBUX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle starbucks corp

Ticker(s): SBUX