Economies.com provides the latest technical analysis and forecast of the american stocks, in order to keep track of the trend of the US stocks.
Starbucks' stock (SBUX) fell in the intraday levels, recording a loss of 0.48% in the last session, or 0.27 points, and leaning on the support of 56.20, which represents the ratio 61.8% of Fibonacci retracement levels for an ascending wave in the medium term (from 50.84 to 64.87), amid negative pressure from the 50-day SMA, coupled with negative signals from the RSI.
Therefore we expect more losses for the stock, especially if the support of 56.20 was breached, targeting the next one at 54.15, which represents the ratio 76.8% of the same retracement levels.