BBY is approaching our first resistance at 66.19 (horizontal overlap resistance, 100% Fibonacci extension, 50% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 56.93 (horizontal swing low support, 50% fibonacci retracement).
Stochastic (89,5,3) is also approaching resistance where we might see a...
Looking at this chart we are able to see an ascending triangle. With the rising support and same resistance there can only be two outcomes, if the resistance is broken we can look to ride the momentum to the .618 fib mark before taking profits. IF RESISTANCE IS UNBROKEN set a close stop loss; we can only sustain price level hitting the resistance few times before...
Based on Fib we should take profits at $57. Bestbuy did great on boxing day and black Friday if you look at balance sheets. Try and avoid the momentum loss that can cause a panic sell, resistance is healthy.
In spite of the shortened trading week due to the Thanksgiving holiday, there are balls to hit out there ... .
BBY (95/57) (announcing Tuesday before market open): The December 21st 57.5/75 short strangle shown here is paying 2.42 with break evens near the one standard deviation line. I tried pricing out a defined risk iron condor, but it looks like...
The last time BBY was in a downtrend with earnings release was 16 Nov 2017. 4-weeks after that the stock was higher; this was the case even through earnings per share was a miss (0.78 versus 0.79 consensus).
This time, expect an earnings per share beat for 20 Nov 2018.
Long at or around $68, Hold until $80 the resistance of current channel. Hold position until...
Big picture: downtrend - sell short
Small picture: - sideways - may go long
Anything can happen!
Be ready for a short as well as a long possibility - stay neutral.
Define your risk (stop loss)
I typically trade only when price action is confirming reversal in these defined zones
Investors will be watching out for Best Buy's operational efficiency improvements under the new CEO Hubert Joly. The company's Renew Blue plan is shooting for accelerated online sales growth, improved multichannel customer experience, optimizing store square footage and US real...