Starbucks trims gains - Analysis - 18-01-2018

Starbucks' stock (SBUX) rose in the intraday levels, scoring a fresh profit of 0.17% in the last session, or 0.10 points, and hitting an intraday high at 61.33, bouncing off it lower and trimming the gains, while attempting to vent off overbought saturation in the RSI, amid positive pressure from the 50-day SMA, while setting above 60.18, a level that represents the ratio 61.8% of Fibonacci retracement levels for a descending wave in the short term (from 64.87 to 52.58). 

Therefore we expect more gains for the stock, targeting the next resistance at 61.97, which represents the ratio 78.6% of the same retracement levels, as long as the support of 60.18 holds on.