By Mill Chart
Last update: Feb 12, 2024
A possible breakout setup was detected on BEST BUY CO INC (NYSE:BBY) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:BBY.
ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.
Overall BBY gets a technical rating of 7 out of 10. BBY has been a medium performer in the overall market. Some doubts are observed in the medium time frame, but recent action was very positive.
For an up to date full technical analysis you can check the technical report of BBY
Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:BBY currently holds a 9 as its setup rating, suggesting a particular level of consolidation in the stock.
Besides having an excellent technical rating, BBY also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 76.73. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 74.73, 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.
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.
Of course, there are many ways to trade or not trade NYSE:BBY and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.
Every day, new breakout setups can be found on ChartMill in our Breakout screener.
This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.
BEST BUY CO INC
NYSE:BBY (4/19/2024, 11:30:06 AM)
76.02
+0.02 (+0.03%)
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A technical analysis of BEST BUY CO INC.