We’re monitoring a potential bullish setup for Starbucks on the daily timeframe. The price is approaching a key buy zone, identified at the 0.618 – 0.786 Fibonacci levels, which aligns with previous structural support.
This presents an opportunity for a reversal to the upside.
Trade Details:
– Entry (Buy Zone): $83.69
– Stop-loss (Red Zone): $76.79
Targets (Green Zones):
– Target 1: $91.24 (0.382 retracement)
– Target 2: $110.85 (0.236 retracement)
Analysis:
The bullish bias is supported by the confluence of Fibonacci retracement levels and the structural buy zone.
Look for a bounce in this zone, with upside potential to the 0.382 and 0.236 retracement levels. This is a swing trade setup, so patience is key.