Shares of Starbucks Corp., one of the largest companies that owns the coffee shop chain of the same name, are moving in a corrective trend at 92.00.

On the daily chart, the price is holding near the resistance line of the global downward channel 95.00–85.00, trying to start a wave of decline.

On the four-hour chart, the quotes renewed the local low of 91.50, which allows it to reach the support level of 85.00. The current obstacle is last week’s low 90.00, consolidation below which will provide final confirmation for the formation of short positions.

Technical indicators have given a poor signal to sell: fast EMA on the Alligator indicator are moving away from the signal line, expanding the range of fluctuations, and the AO histogram is forming corrective bars in the sales zone.

Trading tips

Short positions may be opened after the price declines and consolidates below 90.00 with the target at 86.00. Stop loss – 92.00. Implementation period: 7 days or more.

Long positions may be opened after the price rises and consolidates above 93.00 with the target at 98.00. Stop loss – 90.00.