Dec 10, 2012 (Pivot alerts via COMTEX) -- Starbucks (NASDAQ:SBUX) has opened bearishly below the pivot of $53.59 today and has reached the first level of support at $53.19. Should the shares continue to fall, the support pivots of $52.73 and $51.87 will be of interest.

Starbucks has overhead space with shares priced $53.19, or 10.6% below the average consensus analyst price target of $59.50. The stock should find initial support at its 200-day moving average (MA) of $51.60 and further support at its 50-day MA of $49.24.

Over the past year, Starbucks has traded in a range of $42.67 to $62.00 and is now at $53.19, 25% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

Starbucks Corporation retails, roasts, and provides its own brand of specialty coffee. The Company operates retail locations worldwide and sells whole bean coffees through its sales group, direct response business, supermarkets, and on the World Wide Web.

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