Tuesday, July 18, 2017 12:18:31 PM
Chart patterns tell traders and investors a lot about a stock. Depending on the formation of the chart it could be signaling the direction of the money flow into or out of a particular equity. Recently, leading retail coffee company Starbucks Corporation (NASDAQ:SBUX) has been coming under some decent selling pressure. Traders should note that the stock peaked out on June 5th, 2017 at $64.87 a share. Since that high pivot in SBUX stock the shares have declined to $58.17. The current pattern is still signaling weakness as it trades below its 50-day moving average. Traders and investors should now watch the $55.00 area as the next major support level for SBUX stock. This is a chart level where the stock was supported in March 2017. This area will usually be supported by the institutional money once it is retested. Starbucks Corp will report earnings on July 27th, 2017 after the closing bell.
Nicholas Santiago
InTheMoneyStocks
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