Sponsored Content - Leading coffee shop operator, Starbucks Corp (SBUX), declined by 3.6% after reporting earnings, said Nick Santiago, president, CEO, and chief market strategist at InTheMoneyStocks.com.
The popular coffee stock missed on revenues and this seems to be putting pressure on the shares. The stock recently made a new all-time high on April 19, 2021, at $118.98 a share. On April 28, SBUX stock was falling by $4.19 to $111.97 a share. The shares have now fallen below the 20-day moving average, but the stock remains in an up-trend on the larger time frames.
Traders should watch for daily chart support around the $108.00 area. This support level is where the stock based in February and March before breaking out to the recent high. This level should be defended by the institutional crowd when initially tested. Often, prior breakout levels will serve as solid support and should be good for a short-term bounce play.
Learn more about Nick Santiago at InTheMoneyStocks.com.