Starbucks attacks important resistance - Analysis - 07-11-2022

Starbucks' stock (SBUX) rallied in the intraday levels after the giant announced forecast-beating results, with store sales near their maximum for targets, sending the stock up 8.48%, or 7.18 points in the last session, settling at  91.86, with trading volumes surpassing 20 million shares, above 10-day averages of 10.5 million shares. 

Technically, the stock is moving around the 50-day SMA axis, while trading alongside the upward correctional short-term trend line, coupled with positive signals from the RSI, tackling thereafter the resistance of 92.60.

Therefore we expect more gains for the stock, targeting the first resistance of 104.00, provided the resistance of 92.60 holds on.

Expected trend for today: Bullish