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Starbucks is currently trading at 97.81-lower by 1.31% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 1.18%. The stock has continued falling after the opening bell.
Stocks of the coffee company fell on Monday after J.P. Morgan downgraded it to neutral from overweight. The investment bank, however, reiterated its price target on stocks of Starbucks at $91. J.P. Morgan downgraded its rating saying that further upside from current levels is limited as the share has jumped around 90% in the past 12-months.
J.P. Morgan also removed it from its Analyst Focus List. The bank’s move comes after the coffee company’s stock advanced about 9% after beating third-quarter earnings estimates last week. It was the biggest one-day gain since 2nd November 2018.
On the technical front, the RSI is currently at 78.19% and suggests that the market can move in the downward direction. The current price is above the MA5. The current price is above the upper band of the Bollinger bands but is heading downwards.
TRADE SUGGESTION- LIMIT SELL AT 97.85 TAKE PROFIT AT 97.15 STOP LOSS AT 98.20