Possible Bullish Inside Day Candle Pattern Detected for Best Buy (NYSE:BBY)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Best Buy (NYSE:BBY) based on the price action in the company's shares. Today's price range of $33.67 and $34.04 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. Traders and investors interested in shares of Best Buy 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.
Over the past year, Best Buy has traded in a range of $25.31 to $39.10 and is now at $33.70, 33% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.
Best Buy (NYSE:BBY) has potential upside of 16.0% based on a current price of $33.70 and analysts' consensus price target of $39.08. 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.
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: bullish inside day candle Best Buy