Starbucks may rise to 116.60 - 123.50

82.7 is our pivot point.

Our preference

The upside prevails as long as 82.7 is support.

Alternative scenario

The downside breakout of 82.7 would call for 71.7 and 65.1.

Comment

The RSI is above 70. It could mean either that the stock is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the stock is above its 20 and 50 day moving average (respectively at 77.5295 and 77.8439). Finally, Starbucks has crossed above its upper daily Bollinger band (89.75).

Supports and resistances

130.4 **

123.5 *

116.6 **

109.7

93.9 (USD-last)

87.1

82.7 **

71.7 *

65.1 **

Number of asterisks represents the strength of support and resistance levels.