Starbucks

  • SBUX

  • $74

  • +1.09%

  • $74

  • $75

  • $74

Ticker Appearances

Mon, March 4, 2024 | 2:01PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
Mon, March 4, 2024 | 2:01PM ET
SBUX 1.09%  has key support near $91.40 from earlier this year. If/when Coffee prices exceed $1.75, i would expect SBUX to slide to the low $80s and the first real area of support lies near $81.70 which would be a viable downside target under $91.40. Thus, while company fundamentals are certainly important, it's also wise to heed technical trends and the price of coffee itself which is an important part to the equation for SBUX
Tickers
Mon, March 4, 2024 | 2:00PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
Mon, March 4, 2024 | 2:00PM ET
For those scouring other soft commodities for those which might show evidence of being near "breakouts" it's worth highlighting Coffee which has been basing and would officially have resolved this consolidation pattern above $1.75, which would arguably carry Coffee prices up to above $2/lb. This could adversely affect stocks like SBUX 1.09%  (Starbucks) which has already been sliding in recent months
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