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Is Starbucks (SBUX Stock) Nearing a Breakout?

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Is Starbucks (SBUX Stock) Nearing a Breakout?

(CTN News) – At the base of the candlestick, Starbucks Corp. (NASDAQ: SBUX Stock) price reversed from the support zone, indicating that bulls have retained their gains.

SBUX is also close to the upper trendline and round mark of $100 and may break out in the near future. In order to fill the pending gap near $112, bulls have gained momentum and will attempt to fill it.

Buyers are seeking to surpass the 20-day EMA in order to extend the buying momentum in SBUX stock. A falling wedge pattern is also evident on the chart, suggesting that an upward rally may be imminent and that the stock may skyrocket in the near future.

SBUX stock price indicates that buyers have managed to hold the gains near the support level of $90, have rescued the muscle, and are aiming to sustain above the round mark of $100.

Moreover, it should be able to surpass the critical hurdle of a 20-day exponential moving average and follow up on Monday’s buying action. Further, SBUX stock is trading near the breakout zone, and sellers remain cautious and will cover their positions when the breakout occurs.

Currently, the price of SBUX stock is trading at $98.00 with an intraday gain of 0.57%, indicating a reversal on the charts.

Moreover, the trading volume remained at 4.765 Million, while the market capitalization is $112.249 billion. Despite this, Analysts maintained a buy rating with a yearly target price of $113.69, indicating a positive outlook for the future.

Starbucks Corporation specializes in the production, marketing, and retailing of specialty coffee. It operates in four segments: North America, International, Channel Development, and Corporate and Other. North America is comprised of the United States and Canada.

The international segment includes China, Japan, Asia Pacific, Europe, the Middle East, Africa, Latin America, and the Caribbean. The Channel Development segment includes whole bean and ground coffees, Seattle’s Best Coffee, and single serve products under the Teavana brand.

On the daily charts, SBUX stock is nearing a breakout

In the daily charts for SBUX, the stock price displays a falling wedge pattern, and buyers are seeking to surpass the upper trendline above $100.

The price action also indicates that sellers attempted to drag the price down, but failed in front of the mighty bears, and bulls were able to overcome the gains and close with a strong hammer candlestick.

Afterwards, the price continued to rise in a trend of buying. However, the 20-day EMA acts as a barrier and prevents the bulls from extending their gains above $100.

According to the Fibonacci levels, the SBUX stock price has retested the 38.2% level and is close to the 50% level, which indicates neutrality on the charts. Further, the price is near the Bollinger band, which suggests a follow-up buying action will take place in the coming days.

A bullish divergence was formed on the RSI curve, suggesting a positive outlook for the upcoming sessions.

MACD showed a bullish crossover and formed green bars, indicating that buyers have begun to accumulate and are looking to surpass the cluster of $100 in the coming sessions.

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