Best Buy Co., Inc. retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and...
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Emerging from tight consolidation zone + 14-day RSI breakout. Note: Earnings risk on 03 March 2023
TRADING LEVELS:
Entry: 87.6400
Target: 97.0000
Stop-loss: 82.1000
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Confluence of factors to support this view:
1. golden crossed on 4Jan23
2. 200 day MA is now flattening out
3. beginining to break out of a 2 month sideway consolidation (>86.89)
It is possible that the stock could dip back briefly into the consolidation range in the near future but we are likely to see a higher low should this happen.
Disclaimer: Just my 2...
BBY is a bearish/weak fundamental stock, therefore, we would trade it only in a short position.
BBY daily is in some kind of rising wedge which is a bearish pattern. The price is at the resistance line which could indicate imminent correction.
RSI is in oversold territory and has bearish divergences what is bearish.
MACD histogram tick is moving higher and the...
BBY is gearing up for a large move.
One direction or another the move BBY is cooking will be nice and quick, with follow-through hopefully into the next week.
On the left we see that BBY has completed a double bottom it's almost textbook.
I suspect we will consolidate into tomorrow afternoon on BBY.
The daily chart seems to confirm this with a similar double...
This is a continuation trade to a previous Bearish BAMM Range Breakdown trade. BBY has a Bearish Shark with MACD Hidden Bearish Divergence visible in the area of a Potential Right Shoulder of a Head and Shoulders Pattern that could take us down to around $40-$30 if real.
BBY appears to have a rounded bottom but did not break the high of the left side of the pattern successfully. I do not see a "pointy" W in the rounded bottom, but the cup pattern has failed so far.
Rising wedges a long the way and Price has broken the support line of the 1st wedge. There is another wedge lower but it is not valid as it is not broken,...
The PEAD projected a Bullish outlook for $BBY after a Positive Under reaction following its earnings release placing the stock in drift A with an expected accuracy of 75%.
Adjusted my waves on BBY. Still foresee a flat C wave with my last post. I'm looking for $83-$100 zone for end of C wave. I'd possibly look to go short if price breaks below this expected area.
Not financial advice.
Looks like we may be coming down from a C wave. If price action moves down, could confirm for me that we are ending the formation of zig zag C wave. RSI looks overbought on this time frame. Just gathering thoughts and looking to see what price action forms.
Not financial advice.
Looking at the BBY Best Buy options chain ahead of earnings , i would buy the $73 strike price Calls with
2022-11-25 expiration date for about
$2.79 premium.
If the options turn out to be profitable Before the earnings release, i would sell at least 50%.
Looking forward to read your opinion about it.
1 above weekly-monthy open
2 above prior days range
3 running into an area we've rejected (STRONGLY) 2x
I want to see if we go past 77.94...if we're weak up here then this could be a nice bear play
Earnings Watch 11/21-11/23:
Monday
ZM
DELL
Tuesday
BBY
DLTR
DKS
CSIQ
JWN
HPQ
Wednesday
DE
Do your own due diligence, your risk is 100% your responsibility. This is for educational and entertainment purposes only. You win some or you learn some. Consider being charitable with some of your profit to help humankind. Good luck and happy trading friends...
*3x...
