Shares of Starbucks are hitting fresh June lows with the help of today’s 4.25% drop. SBUX is now down 12% since reaching heavy resistance near its declining 200D moving average. Before testing its 200D on June 8th the stock had gained over 65% from the March lows. We expect more downside in the near term. Key support is near the $70.00 area. This key zone includes the multi week May lows as well as the 1/3 retracement level of the powerful rally off the March lows. We do not have a position in SBUX but will likely be buyers as the current pullback continues.