Current Sentiment: Bullish

Support 1: 74.34                     Resistance 1: 80.03

Support 2: 72.03                   

Starbucks has been a raging bull since the mid of 2018. Based on several technical factors, the stock will most likely continue its bullish move:

• Elliott wave count is still yet finished for the minute wave and currently the wave 4 has just completed.  
• Strong wave 3 extension of the minute wave suggest that the market bullish is strong and usually extension waves only happen during the 3^rd wave of the dominant wave. Which suggest that the minor wave count is yet to be completed.
• Hammer rejection at the 50% and the demand zone suggest more buying ahead.
• Prices has been respecting the uptrend support levels.

Should prices move upwards and close above the 50SMA, the confirmation will then be strong for the bullish sentiment.

Moving averages

Red line = 200 period moving average

Blue line = 50 period moving average

Stochastic Oscillators

Red Line = 14 period %K

Blue Line = D% = 3

Smooth = 3

Overbought line = above 80

Oversold Line = below 20