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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Starbucks Corp (NASDAQ:SBUX) based on the price action in the company's shares. Yesterday's price range of $82.66 and $83.39 is within the prior day'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 Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Starbucks Corp has traded in a range of $60.42 to $99.72 and closed yesterday at $83.02, 37% above that low. The 200-day and 50-day moving averages have moved 0.44% higher and 0.96% lower over the past week, respectively.

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. Starbucks also produces and sells bottled coffee drinks and a line of ice creams.

Starbucks Corp (NASDAQ:SBUX) is currently priced 23.0% above its average consensus analyst price target of $63.96. Starbucks Corp shares should encounter resistance at the 50-day moving average (MA) of $85.58 and support at its 200-day MA of $82.90.

SmarTrend is tracking the current trend status for Starbucks Corp and will alert subscribers who have SBUX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle starbucks corp

Ticker(s): SBUX