Shares of Starbucks are trading at new September lows on what will be the heaviest volume in a month. We expect more downside in the near term. A dip down to the $110-$109 area appears likely. This key zone includes the stock’s upward sloping 200D moving average as well as the May/June lows. Just below is the January high of $107.75. SBUX has not tested its 200D since the 50/200D bull cross last September.
Not a recommendation to buy, sell or hold.