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Watch for Shares of Starbucks (SBUX) to Approach Resistance at $56.86

Published on Fri, 02/01/2013 - 13:39
By Adrienne Chilton

Shares of Starbucks (NASDAQ:SBUX) have bullishly opened above the pivot of $56.12 today and have reached the first resistance level of $56.49. Investors may be interested in a cross of the next upside pivot targets of $56.86 and $57.60.

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.

In the past 52 weeks, shares of Starbucks have traded between a low of $43.04 and a high of $62.00 and are now at $57.04, which is 33% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has remained constant.

Starbucks has overhead space with shares priced $57.04, or 7.6% below the average consensus analyst price target of $61.74. Starbucks shares have support at the 50-day moving average (MA) of $53.63 and additional support at the 200-day MA of $51.86.

By Adrienne Chilton