Thursday, June 21, 2018 11:44:13 AM
Yesterday, Starbucks Corporation (NASDAQ:SBUX) sold off after announcing it will be scaling back store growth and closing under performing urban locations. On June 19, 2018 SBUX stock closed at $57.43 a share, today the stock is trading at $51.00 a share. Very often, when a stock plunges in this type of chart formation it will signal lower prices ahead before a solid bottom is found. The retail coffee giant is now trading below its important 50-week moving average, this is also a sign of weakness. Traders must now watch the $48.00 as the next major support area for the stock. This level is an important Gann number and should be defended when tested.
Nicholas Santiago
InTheMoneyStocks
Recent SBUX News
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM
