Starbucks (NASDAQ:SBUX) has opened bearishly below the pivot of $64.95 today and has reached the first level of support at $63.97. Should the shares continue to fall, the support pivots of $63.26 and $61.57 will be of interest.
Starbucks Corporation retails, roasts, and provides its own brand of specialty coffee. The Company operates retail locations worldwide and sells whole bean coffees through its sales group, direct response business, supermarkets, and on the World Wide Web.
Starbucks has overhead space with shares priced $63.48, or 7.1% below the average consensus analyst price target of $68.30. The stock should discover initial support at its 50-day moving average (MA) of $62.60 and subsequent support at its 200-day MA of $55.41.
Over the past year, Starbucks has traded in a range of $43.04 to $67.48 and is now at $63.48, 47% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 1.3%.