Nicholas Santiago
InTheMoneyStocks
Thursday, June 21, 2018
Starbucks Gets Roasted, Now Watch This Gann Trade Level
Yesterday, Starbucks Corporation (NASDAQ:SBUX) sold off after announcing it will be scaling back store growth and closing under performing urban locations. On June 19, 2018 SBUX stock closed at $57.43 a share, today the stock is trading at $51.00 a share. Very often, when a stock plunges in this type of chart formation it will signal lower prices ahead before a solid bottom is found. The retail coffee giant is now trading below its important 50-week moving average, this is also a sign of weakness. Traders must now watch the $48.00 as the next major support area for the stock. This level is an important Gann number and should be defended when tested.
