Starbucks returns higher - Analysis - 04-08-2022

Starbucks' stock (SBUX) returned higher in the intraday levels after reporting  record quarterly profits, beating estimates handily, with the stock rallying 4.25%, or 3.56 points, and settling at 87.27, with trading volumes surpassing 13 million shares, above 10-day averages of 7 million shares.

The upward correctional short-term trend dominates, amid positive pressure from the 50-day SMA, coupled with positive signals from the RSI.

Therefore we expect more gains for the stock, targeting the resistance of 92.63, provided the support of 78.92 holds on.

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Expected trend for today: Bullish