timwest

Best Buy (BBY) trying to bottom

NYSE:BBY   BEST BUY CO INC
218 2 1
Best Buy             ( BBY             ) is WASHED OUT at these levels. I see a LOWER-RISK opportunity to go LONG now. Why? If Best Buy             ( BBY             ) didn't fall on Thursday when the indexes took a beating of 5%, then the sellers are tired here. There are plenty of sellers up at $28 to $32+ (see large green box from April             thru July), so I am not expecting anything much more than to test this area. Longer term, it will take 1-2 months to chew through this supply of stock. So, what I propose is to buy here at $24.18 and use a $22.90 stop and exit 1/2 at $27 and half at $27.50. Best regards, Technical Tim, Friday September 23, 2011 @ 5:11pm
Subscribe to my indicator package KEY HIDDEN LEVELS $20/mo or a discount for a year and join in the trading room KEY HIDDEN LEVELS here at TradingView.com
Tim, please post your updated analysis for Best Buy if possible.
Reply
timwest PRO charttrader
Hi chart trader, I will get around to this but I will look into company news and figure out which side of the market I want to trade this stock on. It might be a good short position against a long position in WMT or AMZN (at the right price)... I think part of why I liked BBY back in September was that we were looking ahead into a holiday sales season and expectations were low. But now we are facing no big news for three months. I hope I can make a projection that will pan out. Let me see what I can do.

As for the follow-up analysis of this BBY recommendation - it got stopped out and then went to the target...
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
ประเทศไทย
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out