SBUX Near Crucial Levels and $117 is the Next Target
On the daily chart, SBUX swings within the middle of an ascending wedge and tries to stabilize above the horizontal resistance area between Fibonacci level of 78.6% at $107.23 and $108.87.
While we are now waiting for SBUX to breakout above the ascending wedge, which paves the way to advance towards $117.80-120.76 as initial targets. With setting the levels of 126.32-131.24 dollars as additional targets in the case that the SBUX managed to exceed the previous targets and hold above them.
On the opposite side, if SBUX fails to hold within the rising wedge range and breaks down, we may witness a return towards the previous swing area near the level of $103.89 and also near the EMA-50. If SBUX also breaches these lines, we may witness a further decline towards the levels of $98.93-96.17 as next bearish targets.
While we are now waiting for SBUX to breakout above the ascending wedge, which paves the way to advance towards $117.80-120.76 as initial targets. With setting the levels of 126.32-131.24 dollars as additional targets in the case that the SBUX managed to exceed the previous targets and hold above them.
On the opposite side, if SBUX fails to hold within the rising wedge range and breaks down, we may witness a return towards the previous swing area near the level of $103.89 and also near the EMA-50. If SBUX also breaches these lines, we may witness a further decline towards the levels of $98.93-96.17 as next bearish targets.
Trade closed: stop reached