Starbucks shares fall for a third straight session on Friday, 150 people to be hired for company’s first outlet in Italy

According to a statement by Starbucks Corporation (SBUX) on Friday, it intends to hire 150 people for its first Italian store. The latter is expected to be a high-end Reserve Roastery, which will be launched in Milan during the autumn. Store visitors will be able to observe the entire process from coffee bean roasting to shot pouring.

Starbucks shares closed lower for a third consecutive trading session on Friday. The stock went down 0.41% ($0.23) to $55.77, after touching an intraday low at $55.70, or a price level not seen since November 6th 2017 ($55.63).

In the week ended on February 4th the shares of the coffee chain lost 3.83% of their market value compared to a week ago, which marked a second consecutive period of decrease.

The stock has retreated 1.83% so far during the current month, following a 1.08% slump in January. The latter has been a second straight month of losses.

For the entire past year, the shares of the NASDAQ-listed retailer gained 3.44% following a 7.51% drop in 2016.

Once the outlet in Milan is launched, Percassi, Starbucks commercial partner and licensee, is to establish more typical Starbucks stores in the Italian city by the end of this year. As many as 300 people are to be hired for all the outlets across the country, Starbucks said.

Reuters reminded that two Reserve Roasteries had so far been launched by the company – one in Seattle in 2014 and another one in Shanghai in late 2017.

Starbucks also intends to launch more outlets of that type in major cities such as Tokyo, Chicago and New York.

According to CNN Money, the 28 analysts, offering 12-month forecasts regarding Starbucks Corporation’s stock price, have a median target of $65.00, with a high estimate of $73.00 and a low estimate of $57.00. The median estimate is a 16.55% surge compared to the closing price of $55.77 on February 2nd.

The same media also reported that 22 out of 34 surveyed investment analysts had rated Starbucks Corporation’s stock as “Buy”, while 10 – as “Hold”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Starbucks stock are presented as follows:

R1 – $55.83
R2 – $55.88
R3 (Range Resistance – Sell) – $55.94
R4 (Long Breakout) – $56.11
R5 (Breakout Target 1) – $56.31
R6 (Breakout Target 2) – $56.39

S1 – $55.71
S2 – $55.66
S3 (Range Support – Buy) – $55.60
S4 (Short Breakout) – $55.43
S5 (Breakout Target 1) – $55.23
S6 (Breakout Target 2) – $55.15

By using the traditional method of calculation, the weekly levels of importance for Starbucks Corporation (SBUX) are presented as follows:

Central Pivot Point – $56.61
R1 – $57.51
R2 – $59.26
R3 – $60.16
R4 – $61.07

S1 – $54.86
S2 – $53.96
S3 – $52.21
S4 – $50.47