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Best Buy Co Inc Set to Possibly Rebound After Yesterday's Selloff of 2.66%

By James Quinn

Best Buy Co Inc (NYSE:BBY) traded in a range yesterday that spanned from a low of $63.66 to a high of $65.28. Yesterday, the shares fell 2.7%, which took the trading range below the 3-day low of $64.41 on volume of 1.7 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Over the past year, Best Buy Co Inc has traded in a range of $47.72 to $84.37 and is now at $63.67, 33% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.2%.

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 3.2%. 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