Watch for Shares of Starbucks (SBUX) to Approach Support at $52.73
Shares of Starbucks (NASDAQ:SBUX) have bearishly opened below the pivot of $53.59 today and have reached the first support level of $53.19. Analysts will be watching for a cross of the next downside pivot targets of $52.73 and $51.87.
Starbucks share prices have moved between a 52-week high of $62.00 and a 52-week low of $42.67 and are now trading 25% above that low price at $53.19 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.
Starbucks has overhead space with shares priced $53.19, or 10.6% below the average consensus analyst price target of $59.50. The stock should discover initial support at its 200-day moving average (MA) of $51.60 and subsequent support at its 50-day MA of $49.24.
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 4.8%. We continue to monitor SBUX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: pivot alerts Starbucks