• Return to Headlines

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

By James Quinn

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 $74.87 and $75.15 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. 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.

In the past 52 weeks, Best Buy Co Inc share prices have been bracketed by a low of $47.72 and a high of $84.37 and are now at $75.11, 57% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Best Buy Co Inc (NYSE:BBY) is currently priced 5.8% above its average consensus analyst price target of $70.76. The stock should discover initial support at its 50-day moving average (MA) of $68.53 and subsequent support at its 200-day MA of $66.38.

SmarTrend recommended that subscribers consider buying shares of Best Buy Co Inc on July 1st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $72.28. Since that recommendation, shares of Best Buy Co Inc have risen 4.5%. We continue to monitor BBY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle best buy co inc

Ticker(s): BBY