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New Buying Expected in Best Buy


Best Buy (BBY) got a positive mention today by research firm Cleveland Research, in which the analyst sees estimates above consensus along with a possible upside surprise because of a stabilization of sales. With that and with analyst and management meetings scheduled for April 14th and April 25th and 26th, the naysayers about BBY might have to reevaluate the fundamentals in the upcoming days.

This should unwind some short covering, and invite new buying in BBY.

As for the technicals, the price action today in BBY looks like part of the potentially bullish consolidation pattern that started at last Thursday's rally peak of 30.67. When the sideways "rest" period is complete in a matter of hours, BBY should embark on another upleg that will hurdle 30.67 on the way to a confrontation with the dominant nearest-term resistance line, now at 32.15.

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