Shares of Starbucks (NASDAQ:SBUX) have bullishly opened above the pivot of $53.39 today and have reached the first resistance level of $53.72. Should the shares continue to rise, the resistance pivots of $54.08 and $54.77 will be of interest.

There is potential upside of 10.4% for shares of Starbucks based on a current price of $53.91 and an average consensus analyst price target of $59.50. The stock should find initial support at its 200-day moving average (MA) of $51.80 and further support at its 50-day MA of $49.64.

In the past 52 weeks, shares of Starbucks have traded between a low of $43.04 and a high of $62.00 and are now at $53.91, which is 25% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.6%.

SmarTrend recommended that subscribers consider buying shares of Starbucks on November 2nd, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $51.17. Since that recommendation, shares of Starbucks have risen 4.3%. We continue to monitor SBUX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.