timwest

Best Buy (BBY) trying to bottom

NYSE:BBY   Best Buy Co., Inc
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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
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Tim, please post your updated analysis for Best Buy if possible.
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timwest 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...
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