After Yesterday's Rally of 1.04% Shares Could Potentially Pullback
Best Buy (NYSE:BBY) traded in a range yesterday that spanned from a low of $31.61 to a high of $32.66. Yesterday, the shares gained 1.0%, which took the trading range above the 3-day high of $31.99 on volume of 2.2 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Best Buy share prices have moved between a 52-week high of $39.10 and a 52-week low of $25.31 and are now trading 27% above that low price at $32.23 per share. The 200-day and 50-day moving averages have moved 0.1% lower and 0.25% higher over the past week, respectively.
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.
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