Starbucks tries to recover some losses - Analysis - 14-08-2017

Starbucks' stock (SBUX) rose in the intraday levels, scoring a profit of 0.21% in the last session, or 1.11 points, as the stock tries to recover some past losses, amid negative pressure from the 50-day SMA, while settling below the resistance of 53.46, representing the ratio 50% of Fibonacci retracement levels for an ascending wave in the medium term (from 42.06 to 64.85), with negative signals from relative power indicators. 

Therefore we expect the stock to return lower, as long as it settles below 53.46, targeting the next support of 50.77, which represents the ratio 61.8% of the same retracement levels.