In my previous article for Starbucks (SBUX) titled "3/29/2017 – Starbucks (SBUX) Stock Chart Review", I talked about a confluence of bullish candlestick patterns that developed on its weekly candlestick chart. This confluence of candlestick patterns provided a definite support area that provided for limited downside risk.
Last week, SBUX share price printed $64.87 which represented a new 52 week high
Let's review some of Starbucks (SBUX) current stock charts and see if we can't determine what its future price action may hold....
Starbucks (SBUX) - Candlesticks Galore
This first chart is a 2 year weekly candlestick chart which shows the confluence of bullish reversal candlestick patterns that all provide support in the same general area for Starbuck's share price. There are 2 Bullish Engulfing candlestick patterns as well as a Thrusting candlestick pattern.
By making a new 52 week high last week, Starbucks's share price attempted to break through the resistance area from the Northern Doji candlestick pattern.
If you had purchased any shares for SBUX based on that previous article, you were most likely to over 15% gains since that time period. However since last week, some selling pressure developed and SBUX's price action ended up developing into a Bearish Engulfing candlestick pattern last week.
So what can be expected going forward? The gray shaded box on the above chart represents what I think is the the area of…...
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I am thinking about making a purchase to add to an existing position in SBUX .Possibly on monday 7/3.To early?
As always thanks for your feedback. It’s greatly appreciated .
I posted an updated chart with the buy zone in the Idea Chamber. I think Monday may be too soon. Check out the Idea Chamber post….