• Return to Headlines

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

By David Diaz

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 $71.61 and $73.10 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. 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.

Based on a current price of $71.86, Best Buy Co Inc is currently 1.5% above its average consensus analyst price target of $70.76. The stock should discover initial support at its 50-day moving average (MA) of $68.56 and subsequent support at its 200-day MA of $66.52.

Best Buy Co Inc share prices have moved between a 52-week high of $84.37 and a 52-week low of $47.72 and closed yesterday at 51% above that low price at $71.86 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

SmarTrend is monitoring the recent change of momentum in Best Buy Co Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Best Buy Co Inc in search of a potential trend change.

Keywords: bullish am inside day candle best buy co inc

Ticker(s): BBY