BUY trade ideas
H&S Rising wedgeBBY has broken down from rectangle pattern..
BBY has broken bottom trendline of rising and narrowing wedge so the pattern is valid..
110.92 is bottom trendline of rectangle..
strong stock so may find support soon..strong support at prior gap up
$BBY with a neutral outlook following earning releaseThe PEAD projected a neutral outlook for $BBY after a negative under reaction following its earning release, placing the stock in Drift D
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BestBuyMy idea. I hardly understand why BestBuy, known for its offline stores, would actually benefit from Covid-19. Not gonna lie I purchase most of my electronics from BestBuy, but as an electronics retailer, this is too overvalued from both financial and technical point of view. My TP for BBY is the MA 50 line, which varies from time. I would consider engaging shorts at $128, where the ascending wedge is.
RectangleBBY looks to be trading in a rectangle. R (resistance) overhead and S (support) below at bottom trendline of the pattern..
There is a break-away gap below price that may provide a strong level of S if, and only if, this were to break down to that level..
A rectangle is a continuation pattern but can also be a reversal pattern..
Rectangles are like a horizontal channel. Price bumps it's head on the R above and saved by the S below. They do not go on forever though and price will break up or down eventually..
Targets are listed for a break down or a break up. Mid Rectangle can be a stop whichever way price decides to go...
This can also be called a rectangle top because price entered from the bottom (creating a top).
BBY has been traveling in a possible rising and narrowing channel for quite a while
Guessing which way this will break can be a death wish until one of the trendlines are broken...Best to have at least 5 touches, 3 on one trendline and 2 on the other...If the rectangle is tal enough, folks sometimes swing trade inside of this pattern.
BBY Looking to bounceLooking for a bounce off the trend line for confirmation. MACD, STOCH, and RSI also don't look too bad.
BBY ST Long ideared shadow as support as well as trend line support.
inverted hammer candle on daily chart (possible)
entered earlier dec4 115 113 bull put credit spread currently down 40$
BEST BUY GOING TO ALL TIME HIGH?Best buy had a significant (7%) correction today despite beating earnings.
Daily chart showing it's at the bottom of the upwards channel from July.
60MA also holding as support, as well as RSI at support.
Looking for $120 first and then eventually ATH.
Just my own thoughts.
BBY Possible ER run upWAtching bby with earnings report coming out tuesday watching for a day trade tomorrow, watching for the breakout of 123.68 and im seeing 135. POTENTIAL LOTTO PLAY holding for ER.
BBY - November 21, 2020BBY has earnings Tuesday November 24, 2020 AMC. BBY has a very healthy balance sheet with only 1B in debt and 5B in cash. Last quarter BBY experienced online sales growth of 242% yoy. Expecting this trend to continue higher on earnings here with significant consumer purchases for home offices. We believe this quarter will also pose a higher retail growth due to more and more states opening up from lockdown. BBY is also undervalued relative to peers on a EV/EBITDA multiple basis posting a NTM 8.5x while the comps average is around 11.5x.
$BBY - earnings playAt the time I am publishing this the remaining play is to buy the open and sell the close.
Recommended to NOT hold into earnings.
BBY - MACD Crosses OverHey Traders, Best Buy has been having a nice bullish run. Best Buy's price for the past 8 days has increased by 5.5% . Furthermore, today the MACD indicator provided a bullish crossover. Typically, when the MACD crosses over the signal line, it is a bullish indication and when the MACD crosses below the signal line, it is a bearish indication. Let's see if it can break past $120 per share since that was a key level where price dropped a few weeks back. If it does, we might be looking at an extended rally. Options on BBY have been quiet, so its only technical analysis for now.
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BestBuy chart zonesThe biggest problem with a stock like bestbuy is how much the pandamec has seen their bussiness increase. As an investor i am unable to ignore the trends and believe this will continue into the future. From a chart persceptive, a triple top seems possible but as long as you dont dive in deep you shouldnt be burned by this company
great companyit seems like a safe buy on shares! i wouldnt add options though! hold as long as the uptrend channel does
BBYBest Buy to Hold Black Friday Sales on Oct 13-14
Over 116 can continue higher towards 119.48. Above 119.48 can move higher 2-5 more.
