Starbucks Corp (SBUX) Is Struggling, Here’s The Trade

Leading coffee chain operator, Starbucks Corp (SBUX), has been under pressure since late July 2021. At that time, the stop topped out at $126.32 a share. Since that pivot high, the shares have been steadily declining and currently trade around $111.00 a share. Starbucks Corp (SBUX) has been consolidating along the 200-day moving average and this puts the stock in a weak technical position on the charts in the near term.

The next major support level for the stock will be around the $104.00 area. This important support level is where the stock broke out of a multi-month consolidation base in March 2021.  Very often, leading stocks will be defended around prior breakout levels when they retest. I would look for a longside trade in Starbucks Corp (SBUX) at this key technical level.  

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