June 15 Chart of the Day - Starbucks
The popular coffee chain Starbucks (SBUX) stock price has recently fallen to $101 from its recent $115 high just six short weeks ago. Has the coffee maker done something wrong or different?
We don't really know and frankly don't care because from a price action technical analysis perspective the stock is behaving in a normal and acceptable manner.
Maybe not acceptable to investors but from a charting perspective yes.
The $100-$105 range has acted as a consolidation zone multiple times during the past few years so to traders it should come as no surprise that price has return yet again to this area.
Some say that fundamentals drive a company's stock price but at the end of the day it comes down to buyers and sellers within the market place and what they do that really matters.
So what's next?
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
Take a look at the charts and let us know what you think.
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