Starbucks Corp - (SBUX) - May 1, 2023 (Daily Stock Report)

by SIACharts.com

Starbucks (SBUX) has returned to the Green Favored Zone of the SIA S&P 100 Index Report from a three-month drop down into the yellow zone. The shares have moved up 19 positions in the last month to 25th place, including a gain of one spot on Friday.

Since bottoming out a year ago, Starbucks (SBUX) has been steadily recovering in a step pattern of rallies followed by periods of consolidation at higher levels. Along the way, the shares have established a new uptrend of higher lows, completed a bullish Golden Cross and snapped out of their previous downtrend.

In the last few days, the shares have broken out over $110.00 and continued to climb to a new 52-week high, signaling the start of a new rally phase. Based on a combination of the shares 2021 peak and a measured move from the recent trading range, next potential resistance may appear in the $120.00 to $125.00 area. The $110.00 breakout point reverses polarity to become initial support, up from $105.00.

Starbucks’ (SBUX) recovery trend has embarked on a new upleg in recent days, following a breakout over $110.70, building on a winter of consolidation and continuing an upward trend that started approximately a year ago. Since February, the shares have staged three bullish Double Top breakouts and a Bullish Catapult.

Initial upside resistance appears at the August 2021 peak near $122.25, followed by $132.30 based on a vertical count, and the $140.40 to $143.20 zone which is based on active horizontal counts. Initial support appears near $104.30 based on a 3-box reversal and a retest of a previous breakout point.

With a perfect SMAX score of 10, SBUX is exhibiting strength across the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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