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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Best Buy Co Inc (NYSE:BBY) based on the price action in the company's shares. Yesterday's price range of $71.12 and $71.93 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. Traders and investors interested in shares of Best Buy Co Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Based on a current price of $71.29, Best Buy Co Inc is currently 15.0% above its average consensus analyst price target of $60.62. The stock should find initial support at its 200-day moving average (MA) of $32.44 and further 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.

In the past 52 weeks, Best Buy Co Inc share prices have been bracketed by a low of $29.05 and a high of $78.59 and closed yesterday at $71.29, 145% above that low price. Over the past week, 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: bullish am inside day candle best buy co inc

Ticker(s): BBY