This is a Starbucks (SBUX) stock chart update. In my previous full-length article for Starbucks (SBUX) titled "2/6/2017 – Starbucks (SBUX) Chart Analysis", I stated
There has only been one temporary close below the support area from the Thrusting candlestick pattern. I would anticipate one more possible re-test of that support area before SBUX attempts to rebound towards its previous high of $64.
Let's check in on the status of any attempted re-test of the support area from the Thrusting candlestick pattern that I anticipated in my previous article.
Starbucks (SBUX) - Confluence of Bullish Candlestick Patterns
This is a 3 year weekly candlestick chart for Starbucks (SBUX). I've identified the Thrusting candlestick pattern on the chart. The Thrusting candlestick pattern developed in February 2016.
I also identified two other bullish reversal candlestick patterns, both were Bullish Engulfing candlestick patterns. All 3 candlesticks developed on buying volume that was significantly above average, a bullish sign. This is a definite area of support. There would have to be some sort of news event or huge earnings miss to break below this support area. This indicates limited downside risk.
Based on the confluence of bullish reversal candlestick patterns that have support areas within a few percentage points of each other, the $…...
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