Starbucks racks up gains - Analysis - 15-12-2017

Starbucks' stock (SBUX) kept rising in the intraday levels, scoring a new profit of 0.35% in the last session, or 0.21 points, amid positive pressure from the 50-day SMA, with the dominance of the upward correctional short-term wave. 

Therefore we expect more gains for the stock, provided it breaches the resistance of 60.16, representing the ratio 50% of Fibonacci retracement levels for a descending wave in the short term (from 64.85 to 52.58), targeting thereafter the next resistance at 61.95, which represents the ratio 76.4%.