Starbucks rises within descending price channel - Analysis - 05-05-2022

Starbucks' stock (SBUX) spiked 9.83% in the last session, as sales spiked 14.5%  y/y, or $7.64 billion, beating estimates handily. 

The stock this settled at $81.64, with trading volumes surpassing 30 million shares, with the stock now trading at a main descending price channel that guided recent short-term trading, with support from positive signals from the RSI after reaching oversold levels, touching thereafter the resistance of the 50-day SMA.

Therefore we expect the stock to return lower, targeting the support of 73.47, provided the resistance of 87.22 holds on.

Expected trend for today: Bearish