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

By David Diaz

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 $51.18 and $51.51 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.

Over the past year, Best Buy has traded in a range of $25.31 to $52.67 and is now at $51.43, 103% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

Based on a current price of $51.43, Best Buy is currently 11.9% 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 recommended that subscribers consider buying shares of Best Buy on March 29th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $47.49. Since that recommendation, shares of Best Buy have risen 7.6%. We continue to monitor BBY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Best Buy

Ticker(s): BBY