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

By Nick Russo

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 $62.54 and $64.13 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.

Best Buy Co Inc (NYSE:BBY) has potential upside of 11.0% based on a current price of $63.72 and analysts' consensus price target of $70.76. The stock should find initial resistance at its 200-day moving average (MA) of $67.69 and further resistance at its 50-day MA of $70.74.

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 closed yesterday at $63.72, 34% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 0.8%.

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 recommended that its subscribers protect gains by selling shares of Best Buy Co Inc on May 14th, 2019 by issuing a Downtrend alert when the shares were trading at $67.53. Since that call, shares of Best Buy Co Inc have fallen 5.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle best buy co inc

Ticker(s): BBY