Shares of Starbucks Corp., one of the largest companies that owns the coffee shop chain of the same name, are trading at 75.00.

On the daily chart, the price is correcting, approaching the support line of the Expanding formation pattern with dynamic boundaries of 83.00–73.00.

On the four-hour chart, after testing the level of 80.00, the quotes retreated downwards, heading to the low at 73.00. Despite the slowdown, the downward trend looks stable, and an attempt to overcome the year’s low of 72.00 is expected.

Technical indicators maintain a sell signal that has weakened amid frequent corrections: fast EMA on the Alligator indicator are held below the signal line, narrowing the range of fluctuations, and the AO histogram forms correction bars in the sell zone.

Trading tips

Short positions may be opened after the price declines and consolidates below 73.80, with the target at 67.60. Stop loss is 76.00. Implementation period: 7 days or more.

Long positions may be opened after the price grows and consolidates above 76.00, with the target at 82.80. Stop loss is 74.00.