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

By Nick Russo

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. Yesterday's price range of $45.02 and $45.73 is within the prior day'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, Best Buy share prices have been bracketed by a low of $25.31 and a high of $49.40 and closed yesterday at $45.55, 80% 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%.

Best Buy (NYSE:BBY) is currently priced 0.5% above its average consensus analyst price target of $45.30. The stock should discover initial support at its 200-day moving average (MA) of $32.44 and subsequent support at its 50-day MA of $32.36.

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.

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 am inside day candle Best Buy

Ticker(s): BBY