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Look for Shares of Best Buy Co Inc to Potentially Pullback after Yesterday's 1.50% Rise

By James Quinn

Best Buy Co Inc (NYSE:BBY) traded in a range yesterday that spanned from a low of $71.73 to a high of $72.96. Yesterday, the shares gained 1.5%, which took the trading range above the 3-day high of $72.94 on volume of 1.0 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, shares of Best Buy Co Inc have traded between a low of $52.92 and a high of $84.37 and are now at $72.19, which is 36% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.4%.

SmarTrend recommended that its subscribers protect gains by selling shares of Best Buy Co Inc on August 28th, 2018 by issuing a Downtrend alert when the shares were trading at $77.01. Since that call, shares of Best Buy Co Inc have fallen 8.1%. 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