Starbucks trims gains - Analysis - 22-05-2018

Starbucks' stock (SBUX) rose in the intraday levels, scoring a profit of 0.31% in the last session, or 0.18 points, after touching the important resistance of 57.86, representing the ratio 50% of Fibonacci retracement levels for an ascending wave in the medium term (from 50.84 to 64.87), with negative pressure from the 50-day SMA, bouncing off the resistance lower and trimming the gains. 

Therefore we expect the stock to return lower, as long as the resistance of 57.86 holds on, targeting the support of 56.20, which represents the ratio 61.8% of the same retracement levels.