Best Buy Co. Inc. (BBY stock) price shows a symmetrical triangle pattern and is near the lower trendline, suggesting a rebound in the upcoming sessions. However, BBY stock is forming lower lows, and sellers are trying to smash below the trendline and showing volatility on the charts. Furthermore, the price action is showing buying traction and attempting a rebound to retain the swing of $80. BBY stock price is trading below the significant moving averages and holding the gains for the past sessions.
BBY stock price is bullish and maintaining the gains and is trying to retain the strength and the swing of $90. However, the price action suggests a rejection near the 200-day EMA and from the upper trendline of the symmetrical triangle pattern. Moreover, the technicals are showing neutrality, may see a rebound, and will break the upper trendline.
At press time, BBY stock price is trading at $73.23 with an intraday gain of 0.77%, showing neutrality on the charts. Moreover, the trading volume increased by 0.65% to $1.631 Million, and the market cap is $15.938 Billion. However, Analysts maintained a buy rating with a yearly target price of $81.36, suggesting a growth outlook for the upcoming sessions.
Best Buy Co., Inc. engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment includes operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.
The International segment comprises all operations outside the U.S. and its territories, including Canada, Europe, China, Mexico, and Turkey. It also markets its products under the brand names Best Buy, bestbuy.com, Best Buy Direct, Best Buy Express, Best Buy Mobile, Geek Squad, GreatCall, Magnolia, and Pacific Kitchen and Home.
BBY Stock Price Near Trendline On Daily Charts
On the daily charts, BBY stock price stayed in the range inside the symmetrical triangle pattern and is close to the lower trendline, suggesting a rebound in the following sessions. Moreover, the technicals suggest that the stock will retain the swing of $90 and retest the upper trendline soon.
The price slipped below the critical MA, and profit booking was noted on the charts. Moreover, the BBY stock is trading near the 50% Fib zone and near the mid-Bollinger band, showing neutrality on the charts.
The RSI curve stays below neutrality, shows a bearish divergence, and indicates a negative crossover on the charts.
The MACD indicator showed a bearish crossover and formed red bars on the histogram, suggesting a negative outlook for the following sessions.
Summary
BBY stock price action shows neutrality, forming a symmetrical triangle pattern. It is close to the lower trendline on the charts. Moreover, the price action shows lower lows sequences, while the sellers are making short positions to break the immediate trendline near $70. Conversely, if the price sustains near $70, a rebound toward $80 can be anticipated.
Technical Levels
Support Levels: $70 and $65
Resistance Levels: $80 and $90
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/09/10/bby-stock-nyse-bby-price-near-support-zone-rebound-awaits/