Best Buy Set to Possibly Pullback After Yesterday's Rally of 1.31%
Best Buy (NYSE:BBY) traded in a range yesterday that spanned from a low of $38.20 to a high of $39.25. Yesterday, the shares gained 1.3%, which took the trading range above the 3-day high of $38.72 on volume of 4.2 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Best Buy has traded in a range of $25.31 to $40.58 and is now at $38.73, 53% 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%.
SmarTrend recommended that subscribers consider buying shares of Best Buy on July 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $32.89. Since that recommendation, shares of Best Buy have risen 16.1%. We continue to monitor BBY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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