Best Buy (BBY) Price Prediction: Will BBY Stock Price Reach $100?

BBY stock price soaring through an interesting rising wedge pattern over the daily time frame chart.
BBY share price needs to maintain this recovery rate to surpass $100 resistance level.
American global consumer electronics store Best Buy Co. Inc. is based in Richfield, Minnesota.

Best Buy Co. Inc. stocks have been preferred by the buyers to push the BBY stock price to gain maximum during 2023. BBY share price has been increasing through an interesting rising wedge pattern and has gained around 1.20% of its market capitalization by the end of Tuesday’s trading session. However, BBY stocks experienced a tough time in the financial year of 2021-2022 and slipped till $62 lowest level. Nevertheless, BBY stock price managed to get support at $62 in October 2022 and started gaining inside the rising wedge pattern since then. BBY share price needs to maintain itself inside the rising wedge pattern to break out of the $100 resistance level.

BBY stock price was at $88.31 and has gained 1.20% of its market capitalization during Tuesday’s trading session. Trading volume can be seen above average and now buyers need to push their limit by the opening of Wednesday’s trading session.

BBY stock price needs to maintain itself inside the rising wedge pattern to recover maximum over the daily time frame chart. However, trading volume needs to be pushed by the opening of Wednesday’s trading session for BBY share price to surge towards the upper trendline of the ascending wedge pattern. Meanwhile, BBY stock price has recovered above 20, 50, 100 and 200-days Daily Moving Average.

In the past trading session BBY shares had an astonishing growth record over the charts. BBY share price has gained around 0.86% during last week, while 3.92% in a month and has gained 9.12% Year to Date. Quarterly report of BBY shares has also shown the growth of the BBY stock price by 22.47%.

Will BBY Stock Price Reach $100 Price Level?

BBY stock price needs to maintain the current accumulation rate of buyers on Wednesday’s trading session for BBY shares to reach the upper trendline of the rising wedge. Meanwhile, for BBY share price to gain maximum it must avoid any hurdle like short selling pressure during its upswing momentum. Technical indicators suggest strong uptrend momentum of BBY share price.

Relative Strength Index showcases the uptrend momentum of BBY shares. RSI was at 58 and was heading towards the overbought territory. MACD exhibits the upside trend of BBY stocks. The MACD line was moving towards the signal line for a positive crossover. Investors in BBY shares need to wait until the BBY stock price reaches towards $93 nearing the upper trendline of the rising wedge pattern.

Summary

Best Buy Co. Inc. stocks have been preferred by the buyers to push the BBY stock price to gain maximum during 2023. BBY share price has been increasing through an interesting rising wedge pattern and has gained around 1.20% of its market capitalization by the end of Tuesday’s trading session. However, trading volume needs to be pushed by the opening of Wednesday’s trading session for BBY share price to surge towards the upper trendline of the ascending wedge pattern. Meanwhile, for BBY share price to gain maximum it must avoid any hurdle like short selling pressure during its upswing momentum. Technical indicators suggest strong uptrend momentum of BBY share price. Investors in BBY shares need to wait until the BBY share price reaches towards $93 nearing the upper trendline of the rising wedge pattern.

Technical Levels

Resistance Levels: $93.00 and $100.00

Support Levels: $85.00 and $83.00

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 any stock or crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing