Watch for Shares of Best Buy (BBY) to Approach Resistance at $25.36
Written on Mon, 02/10/2014 - 3:44pm
By Shiri Gupta
Best Buy (NYSE:BBY) has opened bullishly above the pivot of $24.37 today and has reached the first level of resistance at $24.96. Analysts will be watching for a cross of the next upside pivot targets of $25.36 and $26.35.
There is potential upside of 36.2% for shares of Best Buy based on a current price of $24.74 and an average consensus analyst price target of $33.69. Best Buy shares should first meet resistance at the 200-day moving average (MA) of $33.74 and find additional resistance at the 50-day MA of $35.07.
Over the past year, Best Buy has traded in a range of $13.83 to $44.66 and is now at $24.74, 79% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 4.3% while the 200-day MA has remained constant.
SmarTrend recommended that its subscribers protect gains by selling shares of Best Buy on January 8th, 2014 by issuing a Downtrend alert when the shares were trading at $38.31. Since that call, shares of Best Buy have fallen 35.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
www.mysmartrend.com/news-briefs/news-watch/...-resistance-2536