Starbucks readies to tackle current resistance - Analysis - 17-04-2018

Starbucks' stock (SBUX) returned higher in the intraday levels, scoring a profit of 0.32% in the last session, or 0.19 points, as the stock readies to tackle the important resistance of 60.18, representing the ratio 61.8% of Fibonacci retracement levels for a descending wave in the short term (from 64.87 to 52.58), with positive support from the 50-day SMA.

Therefore we expect more gains for the stock, especially if the resistance of 60.18 was breached, targeting the next one at 61.97, which represents the ratio 76.4% of the same retracement levels.