Starbucks attacks ceiling of descending price channel - Analysis - 22-10-2021

Starbucks' stock (SBUX) rose in the last session and tackled the ceiling of that descending correctional price channel that guided recent short-term trading, while touching the resistance of the 50-day SMA, strengthening that area as a resistance barrier, amid negative signals from the RSI after reaching overbought levels.

Therefore we expect the stock to return lower and target the pivotal support of 109.50 anew, as the important resistance of 114.45 holds on.

Expected trend for today: Bearish