Starbucks Stock Price Analysis: Bearish And Bullish Scenarios

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Written By: Abdullah Sarwar

Nov 21, 2023, 12:39 GMT 12:39

Summary:

Starbucks Stock Price Forecast: NASDAQ: SBUX is looking very bullish despite a minor pullback. Bulls may target $110 soon.

Starbucks (NASDAQ: SBUX) stock price has closed two consecutive days with a loss. This negative price action comes after the stock surged more than 17% due to a very strong Q3 earnings report. However, the price has broken above a major resistance and more upside is still likely.

On Wednesday, the stock of the global coffee giant showed a very low volatility in the pre-market hours. The latest technical analysis reveals that while there is a strong chance of bullish continuation, bears still have a chance.

The daily chart of Starbucks shows that the bulls are targeting the price gap that lies above $109.72. There is a strong possibility of the price retesting this zone in the coming weeks due to a breakout above $102.6 resistance.

For Starbucks stock price to signal a proper bullish reversal, the price needs to flip the $102.6 into a support level. A failure to do so might make the current move a fakeout, with a possibility of a bearish move below $99.74, where lies another price gap.

I’ll keep sharing updated analysis on SBUX and my personal stock trades on X (Twitter), where you can follow me.

NASDAQ: SBUX Chart & Analysis

This post was last modified on Nov 21, 2023, 12:40 GMT 12:40

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.