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Possible Bearish Inside Day Candle Pattern Detected for Best Buy Co Inc (NYSE:BBY)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Best Buy Co Inc (NYSE:BBY) based on the price action in the company's shares. Today's price range of $77.05 and $78.02 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Best Buy Co Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Best Buy Co., Inc. retails consumer electronics, home office products, entertainment software, appliances, and related services through its retail stores, as well as its web site. The Company also retails pre-recorded home entertainment products through retail stores.

Over the past year, Best Buy Co Inc has traded in a range of $48.11 to $91.99 and is now at $77.22, 61% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.2% while the 200-day MA has remained constant.

Best Buy Co Inc (NYSE:BBY) defies analysts with a current price ($77.22) 8.4% above its average consensus price target of $70.76. The stock should find initial support at its 200-day moving average (MA) of $74.39 and further support at its 50-day MA of $66.59.

SmarTrend is tracking the current trend status for Best Buy Co Inc and will alert subscribers who have BBY in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle best buy co inc

Ticker(s): BBY