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Best Buy Co Inc Set to Possibly Rebound After Yesterday's Selloff of 2.02%

By Shiri Gupta

Best Buy Co Inc (NYSE:BBY) traded in a range yesterday that spanned from a low of $61.86 to a high of $62.32. Yesterday, the shares fell 2.0%, which took the trading range below the 3-day low of $62.22 on volume of 847,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

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 are now at $61.86, 30% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 0.6%.

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 6.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders best buy co inc

Ticker(s): BBY