Starbucks tries to gather momentum - Analysis - 11-10-2018

Starbucks' stock fell in the intraday levels as the stock gathers momentum to help it rise anew, recording a loss of 2.95% in the last session, or 1.70 points, while leaning on the support of 56.11, representing the ratio 50% of Fibonacci retracement levels for a descending wave in the short term (from 64.85 to 47.37),while trading alongside the upward short-term trend line, with positive support from the 50-day SMA, as a positive divergence forms in the Stochastic indicator as shown below the attached chart. 

Therefore we expect the stock to return higher, provided the support of 56.11 holds on, targeting the next resistance at 58.17, which represents the ratio 61.8% of the same retracement levels mentioned earlier. 

Expected trend for today: Likely Bullish