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

By Nick Russo

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 $66.96 and $68.45 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.

There is potential upside of 5.7% for shares of Best Buy Co Inc based on a current price of $66.96 and an average consensus analyst price target of $70.76. The stock should hit resistance at its 50-day moving average (MA) of $70.60, as well as support at its 200-day MA of $66.15.

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 $66.96, 40% 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 advanced 0.3%.

SmarTrend is tracking the current trend status for Best Buy Co Inc and will alert subscribers who have BBY in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle best buy co inc

Ticker(s): BBY