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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Best Buy (NYSE:BBY) based on the price action in the company's shares. Today's price range of $45.02 and $45.64 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Best Buy have traded between a low of $25.31 and a high of $49.40 and are now at $45.60, which is 80% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has remained constant.

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 (NYSE:BBY) is currently priced 0.7% above its average consensus analyst price target of $45.30. Best Buy shares have support at the 200-day moving average (MA) of $32.44 and additional support at the 50-day MA of $32.36.

SmarTrend is tracking the current trend status for Best Buy 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

Ticker(s): BBY