Upside Headway for BBY

The near term base-like pattern that has developed in Best Buy (BBY) since its earnings-related plunge into the Dec 21 low at 33.40 is starting to make some headway on the upside.

After holding near-term support at 34.00 last week, BBY has turned up to break above key near-term resistance at 34.40/50, which initially triggered short covering that spiked the stock to 34.90 so far. That 34.90/35.00 area represents key near-term resistance, which if hurdled and and sustained later today will trigger more short covering and new buying that projects to 36.00/50 next.

At this juncture, only a decline that breaks 34.00-33.90 will compromise the current oversold and favorable near-term technical set-up.


  Matched
x
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!


)