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benjamin.society500

Short to Mid-Term Bear - Strong Moving Average Confluence

Short
Best Buy Co., Inc. (NYSE:BBY)  
benjamin.society500  
NYSE:BBY   Best Buy Co., Inc.
Trend Analysis Chart Patterns Technical Indicators
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trendanalysis chartpattern indicator
BBY
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WEEKLY: Uptrend remains intact. Strong fib level at 65 and if that level is broken, next fib level is 52.

DAILY: Both double-bottom and double-top patterns played out successfully although 2nd leg didn't reach the 66.50 level. Currently the 20/50/100 and potential gap fill may reach confluence, act as resistance, and push the stock lower to the 66.50/200MA level. 2nd support level is the $52.75 level which is when it broke out and also the 61.8% fib level. CCI/MACD is showing bullishness while OBV is flat so need to monitor the price levels and re-assess.

HOURLY: Semi-rounding base is present and bullish but still resistance factors are in play. CCI is a bit oversold and MACD/OBV is bullish. Will monitor if cup and handle pattern completes.
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