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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.  

No position. 

Not a recommendation to buy, sell or hold.