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Starbucks (SBUX) Approaches New Upside Target of $53.57

By Nick Russo

Starbucks (NASDAQ:SBUX) has opened bullishly above the pivot of $52.84 today and has reached the first level of resistance at $53.09. Should the shares continue to rise, the resistance pivots of $53.57 and $54.30 will be of interest.

Starbucks (NASDAQ:SBUX) has potential upside of 27.7% based on a current price of $53.29 and analysts' consensus price target of $68.05. The stock should run into initial resistance at its 200-day moving average (MA) of $58.72 and subsequent resistance at its 50-day MA of $58.98.

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 $53.29, which is 27% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.2%.

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 5.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: pivot alerts Starbucks

Ticker(s): SBUX