Archived Article This article was published more than 5 months ago. The market data, prices, forecasts, and analysis were accurate at the time of publication but may have changed since then. Please use this article for historical reference only and refer to our latest content for current market information.
- Starbucks Stock Price Forecast: NASDAQ: SBUX is looking very bullish despite a minor pullback. Bulls may target $110 soon.
Starbucks (NASDAQ: SBUX) stock price has closed two consecutive days with a loss. This negative price action comes after the stock surged more than 17% due to a very strong Q3 earnings report. However, the price has broken above a major resistance and more upside is still likely.
On Wednesday, the stock of the global coffee giant showed a very low volatility in the pre-market hours. The latest technical analysis reveals that while there is a strong chance of bullish continuation, bears still have a chance.
The daily chart of Starbucks shows that the bulls are targeting the price gap that lies above $109.72. There is a strong possibility of the price retesting this zone in the coming weeks due to a breakout above $102.6 resistance.
For Starbucks stock price to signal a proper bullish reversal, the price needs to flip the $102.6 into a support level. A failure to do so might make the current move a fakeout, with a possibility of a bearish move below $99.74, where lies another price gap.
I’ll keep sharing updated analysis on SBUX and my personal stock trades on X (Twitter), where you can follow me.
