SBUX bullish reversal
(click image to expand)
Starbucks stock (SBUX) is getting bullish. It hit a record low of $70 (a support area) in early July 2024. But now it is on a bullish reversal.
Look at the chart above. After dropping to around $70, it exhibited a bullish reversal pattern in the form of a bullish engulfing candlestick on high volumes. There was not just one, but two of them. See the arrows in the chart above.
The second bullish engulfing candlestick was much more solid and stronger than the first one.
After having two bullish engulfing candles, they were followed by a wide spread candlestick in July 19th, which closed above the EMA-20 trendline and brought the stock price to nearly $80.
So, is this a buy signal for SBUX stock? You bet it is.