Starbucks trims gains - Analysis - 27-05-2016

Starbucks' stock rose in the intraday levels, scoring a profit of 0.25% in the last session, or 0.14 points, after the stock touched the pivotal resistance of 55.62, representing the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the medium term (from 42.05 to 64.00), exposing it to negative pressure that forced it lower before the close, trimming the gains, while relative power indicators reached extremely overbought levels compared to the stock's own upward movement. 

Therefore we expect the stock to fall in the coming trading, as long as the resistance of 55.62 holds on, targeting the support of 53.03, which represents the ratio 50% of the same retracement levels mentioned earlier.