Best Buy (NYSE:BBY) traded in a range yesterday that spanned from a low of $34.30 to a high of $35.56. Yesterday, the shares fell 1.68%, which took the trading range below the 3-day low of $34.95 on volume of 6.4 million shares.
Shares of Best Buy are currently trading below their 50-day moving average (MA) of $37.38 and below their 200-day MA of $40.04. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of Best Buy and our subscribers were alerted to Sell on June 23, 2010 at $36.41. The stock has fallen 5.1% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $34.95 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Electronic Stores industry.