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Possible Bearish Inside Day Candle Pattern Detected for Best Buy Co Inc (NYSE:BBY)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Best Buy Co Inc (NYSE:BBY) based on the price action in the company's shares. Today's price range of $71.69 and $72.37 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Best Buy Co Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Best Buy Co Inc (NYSE:BBY) defies analysts with a current price ($72.28) 2.1% above its average consensus price target of $70.76. The stock should find initial support at its 50-day moving average (MA) of $68.74 and further support at its 200-day MA of $66.67.

Best Buy Co., Inc. retails consumer electronics, home office products, entertainment software, appliances, and related services through its retail stores, as well as its web site. The Company also retails pre-recorded home entertainment products through retail stores.

Best Buy Co Inc share prices have moved between a 52-week high of $84.37 and a 52-week low of $47.72 and are now trading 51% above that low price at $72.28 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 0.8%.

SmarTrend is monitoring the recent change of momentum in Best Buy Co Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Best Buy Co Inc in search of a potential trend change.

Keywords: bearish inside day candle best buy co inc

Ticker(s): BBY