By Mill Chart
Last update: Jan 30, 2023
BEST BUY CO INC (NYSE:BBY) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:BBY.
ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.
We assign a technical rating of 8 out of 10 to BBY. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, BBY is only an average performer.
Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:BBY currently has a 10 as setup rating:
BBY has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 85.75. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 84.95, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for BBY in the last couple of days, which is a good sign. Very recently a Pocket Pivot signal was observed. This is another positive sign.
A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.
This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.
Our Breakout analyzer lists more breakout setups and is updated daily.
BEST BUY CO INC
NYSE:BBY (4/25/2024, 7:04:00 PM)
After market: 75.28 +0.04 (+0.05%)75.24
+0.81 (+1.09%)
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