SBUX closes within previous day's range after lackluster session

Starbucks Corp. (SBUX) Technical Analysis Report for Apr 16, 2018

Highlights

SBUX closes above its opening price after recovering from early selling pressure
SBUX unable to break through key resistance level
SBUX finds buyers again around 58.84
SBUX still stuck within tight trading range
SBUX closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 42% Bullish
Technical Forecast:

Overview

SBUX ended Monday at 59.43 gaining $0.19 (0.32%). Trading up to $0.29 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.

Daily chart for SBUX

Volatility

Monday's trading range was $0.85 (1.44%), that's below last trading month's daily average range of $1.10. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 58.84 and 60.12 which it has been in now for the last trading week.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.

Support/Resistance

Unable to break through the key technical resistance level at 59.55, the market closed below it after spiking as high as 59.69 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 58.96 in the previous session, the share found buyers again around the same price level today at 58.84.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 60.12 where further buy stops might get activated. With prices trading close to this year's high at 61.61, upside momentum could speed up should SBUX be able to break out to new highs for the year. Further buying might move prices higher should the market test March's close-by high at 60.70.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Starbucks Corp.

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