Starbucks Bearish Signs
Published on Friday, 20 April 2012 04:48 Written by TradersHuddle Wire
New York, April 20th (TradersHuddle.com) - Shares of Starbucks Corporation (NASDAQ:SBUX) ended the trading session lower by $1.61 or -2.67% from its previous close. Starbucks' price action formed what is considered to be a bearish engulfing candlestick chart pattern.
Starbucks Corporation (NASDAQ:SBUX) retails, roasts, and provides its own brand of specialty coffee. The Company operates retail locations worldwide and sells whole bean coffees through several distribution channels. Starbucks also produces and sells bottled coffee drinks.
Starbucks' current stock range is determined by calculated support defined at $58.18 and by the resistance level at $62.00, which should be used by traders planning their next move.
If traders want to establish a position in Starbucks, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor Starbucks for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
- Bulls taking over on Regal-Beloit?
- Is Regal-Beloit Trade Over?
- Bulls and Bears on the Trenches of Regal-Beloit
- Are the Bears Taking Control over Regal-Beloit?
- Regal Beloit Corporation To Present At The Morgan Stanley Industrials & Autos Conference
- Regal-Beloit, Reversal Soon?
- Regal-Beloit Upside Looming?
- Bulls taking Control of Regal-Beloit?
- Regal Beloit Corporation To Present At The Jefferies 2013 Global Industrials Conference
- Regal-Beloit Formed a Bearish Engulfing Candle
Related Partner Headlines
Recent Trading Ideas
Latest Partner Headlines