BBY
Long above 73.49 , Short Below 72.92! - Continuation play Day 2 on Upbeat Retail Sales! Let's See! @everyone Here's a breakdown of the expectations and my analysis for Best Buy Co Inc (
BBY
) for the upcoming trading day on Monday, the 4th: Opening Price: Expected to open at $72.57.
Expected Price Range: Anticipated to fluctuate between $71.47 and $75.37, based on a 14-day Average True Range, indicating a potential trading interval of +/- $1.95 (+/- 2.65%) up or down from the last closing price.
Potential Intraday Movement: If the full calculated possible swing range is realized, there might be an estimated 5.31% move between the lowest and highest trading prices during the day.
Support and Resistance Levels: Closer to resistance at $73.45 (0.04%) than support at $68.11 (7.23%), which might not present an attractive intra-day risk/reward ratio. Waiting for the stock to approach the support level might be prudent.
Insider Trading Activity: Insiders are observed to be selling more shares (1.15 million) than buying (701.88 thousand) in the last 100 trades. This trend of insider selling is generally considered a negative signal.
Is
BBY
a Buy? While there are some positive signals, the analysis doesn't suggest
BBY
as a buy candidate. At the current level, it's suggested to consider it as a hold candidate, waiting for further developments before making significant moves. Remember, these analyses are based on historical data and indicators and might not guarantee future stock movements. Always consider your risk tolerance and do further research or consult a financial advisor before making investment decisions.