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Best Buy Co Inc Set to Possibly Rebound After Yesterday's Selloff of 1.06%

By Amy Schwartz

Best Buy Co Inc (NYSE:BBY) traded in a range yesterday that spanned from a low of $87.29 to a high of $88.74. Yesterday, the shares fell 1.1%, which took the trading range below the 3-day low of $89.34 on volume of 1.6 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

In the past 52 weeks, Best Buy Co Inc share prices have been bracketed by a low of $55.84 and a high of $91.83 and are now at $88.70, 59% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.3%.

SmarTrend recommended that subscribers consider buying shares of Best Buy Co Inc on October 21st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $71.37. Since that recommendation, shares of Best Buy Co Inc have risen 26.8%. We continue to monitor BBY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders best buy co inc

Ticker(s): BBY