Starbucks Corporation (NASDAQ:SBUX) is a leading marketer and retailer of coffee products around the world. Recently, the stock peaked out on June 5th, 2017 at $45.87 a share. Since that pivot top in the stock the shares have declined to $60.81 a share. Today, the stock is sitting right on the 50-day moving average which could be viewed as short term support. Traders should also watch the $59.50 level for even stronger chart support. This is a major retrace level and also the support levels from April 28, 2017 and May 18, 2017. Often the past support levels will serve as major support when retested.