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.
![Starbucks (SBUX) Stock Chart](https://i0.wp.com/trendystockcharts.com/wp-content/uploads/2017/03/SBUX-2017-03-29.png?resize=1140%2C624&ssl=1)
Reviewing Bullish Candlestick Patterns that Developed on a 3 Year Weekly Starbucks (SBUX) Stock Chart
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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