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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.