Starbucks : ⬆️ Buy
– SBUX reversed from support zone
– Likely to rise to resistance level 98.50
Starbucks (SBUX) stock recently reversed from the support zone located between the key support level 94.70 (which previously stopped the intermediate corrective wave (4) in June), the lower daily Bollinger Band, and the 61.8% Fibonacci correction of the previous major upward impulse from March.
The upward reversal from this support zone stopped the previous minor impulse wave 3 and initiated the active short-term corrective wave 4, which belongs to the intermediate downward wave (C) from August.
Given the strength of the support level 94.70, Starbucks can be expected to rise further toward the next key resistance level 98.00 – top of earlier wave 4.