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Watch for Shares of Starbucks Corp (SBUX) to Approach Support at $54.72

By Amy Schwartz

Shares of Starbucks Corp (NASDAQ:SBUX) opened today below their pivot of $54.99 and have already reached the first level of support at $54.82. Investors may be interested in a cross of the next downside pivot targets of $54.72 and $54.45.

In the past 52 weeks, shares of Starbucks Corp have traded between a low of $50.84 and a high of $64.87 and are now at $54.85, which is 8% 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%.

There is potential upside of 21.7% for shares of Starbucks Corp based on a current price of $54.85 and an average consensus analyst price target of $66.78. 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.

SmarTrend recommended that its subscribers protect gains by selling shares of Starbucks Corp on June 12th, 2017 by issuing a Downtrend alert when the shares were trading at $61.31. Since that call, shares of Starbucks Corp have fallen 10.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: pivot alerts starbucks corp

Ticker(s): SBUX