Starbucks Bearish Signs
Published on Friday, 24 August 2012 04:30 Written by TradersHuddle Wire
New York, August 24th (TradersHuddle.com) - Shares of Starbucks Corporation (NASDAQ:SBUX) ended the trading session lower by $0.22 or -0.46% 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 $43.04 and by the resistance level at $48.62, 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:
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