Starbucks climbs amid negative pressures - Analysis - 23-08-2017

Starbucks' stock (SBUX) rose in the intraday levels, scoring a big profit of 2.45% in the last session, or 1.30 points, as the stock gets hurt by exiting an ascending price channel in the short term, with negative pressure from the 50-day SMA, countered by positive signals from relative power indicators. 

Therefore we expect the stock to return lower, especially if it settled back below 53.46, which represents the ratio 50% of Fibonacci retracement levels for an ascending wave in the medium term (from 42.06 to 64.85), targeting the next support at 50.77, which represents the ratio 61.8%.