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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Starbucks (NASDAQ:SBUX) based on the price action in the company's shares. Today's price range of $53.05 and $53.40 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. Traders and investors interested in shares of Starbucks may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Starbucks (NASDAQ:SBUX) has potential upside of 27.5% based on a current price of $53.37 and analysts' consensus price target of $68.05. The stock should find initial resistance at its 200-day moving average (MA) of $58.72 and further resistance at its 50-day MA of $58.98.

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.

In the past 52 weeks, shares of Starbucks have traded between a low of $42.05 and a high of $64.00 and are now at $53.37, which is 27% above that low price. The 200-day and 50-day moving averages have moved 0.02% higher and 0.23% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Starbucks on August 8th, 2016 by issuing a Downtrend alert when the shares were trading at $55.58. Since that call, shares of Starbucks have fallen 4.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Starbucks

Ticker(s): SBUX