Starbucks Corp. - (SBUX) - February 13, 2023

Starbucks (SBUX) has been steadily climbing back up the rankings in the SIA S&P 100 Index Report. Starting deep in the red zone back in June, SBUX has worked its way back up into the Green Favored Zone for the first time since the summer of 2021, and it is currently sitting in 24th place. Starbucks (SBUX) has been steadily recovering lost ground since bottoming out in the $65.00-$70.00 range last summer. Over the last nine months, an uptrend of higher lows has not only emerged, it has accelerated since the shares broke out of a bullish Ascending Triangle base over $90.00 back in November. A Golden Cross of the 50-day average over the 200-day average last fall also confirmed that the trend had turned positive.

Technical signals have remained positive into 2023 with the shares recently retesting their 50-day average near $103.40 as support and holding above the $100.00 round number. Initial upside resistance appears near $115.00 based on previous highs, then the $120.00 to $125.00 zone where the summer 2021 peak and a measured move from the Ascending Triangle converge.

Since breaking out of a base back in July, Starbucks (SBUX) has been under accumulation, steadily climbing a staircase of rallies followed by periods of consolidation at higher levels. A November rally followed by a small 3-box consolidation and then the recent Double Top breakout has completed a Bullish Catapult pattern, signaling the start of a new rally phase.

Previous column highs suggest potential upside resistance may appear near $115.15, or $122.25, followed by the $132.30 to $134.95 area which is based on vertical and horizontal counts. Initial support appears near $100.25, based on a 3-box reversal and a retest of the $100.00 round number.

With a bullish SMAX score of 9, SBUX is exhibiting strength against the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

Keep up to date on the latest financial market news.

Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.