- 1
Best Buy stock price closed at $84.22 while witnessing a gain of 0.78% during the last intraday session. - 2
BBY stock price trades above the 20,50,100 and 200-day EMAs. - 3
The three-month return of Best Buy Stock is 16.09%.
BBY stock price was in an uptrend after the formation of support at $69 which helped the price in gaining bullish momentum. The stock price formed higher lows but the move was halted at $83.50 and the price retraced to form support. Since the start of July, Best Buy stock price entered into a consolidation zone ranging between $83.50 and $79.20.
Recently, the price formed a support at $80 and started to rise. The bullish momentum helped the price in breaking the resistance level of $83.50. The last candle closed above the resistance level but could not break the high of the previous candle.
Source: BBY Stock Price By TradingView.
If bulls can push the price above $85, there is a possibility that the price might head toward the next resistance level of $89, which would cause a rise of approximately 4.75%. If the next candle can break the low of the previous candle, it might melt down to $80.20.
White House Partners With Best Buy
The White House has partnered with Best Buy and many other retailers and manufacturers to announce an initiative which will allow Americans to identify devices that are vulnerable to cyber attacks.
The White House stated that the latest certification and labeling initiative would raise standards for cybersecurity across smart devices such as microwaves, refrigerators etc. The devices will have a “U.S. Cyber Trust Mark” logo which will be applied by the retailers and manufacturers.
The initiative will be up and running within the next year. Best Buy is offering new deals in the current week to help parents and students get ready for the upcoming school year. There has also been insider selling on July 5 as Kathleen Scarlett, Senior executive vice president of human resources, sold 34,191 shares of Best Buy worth $2,779,684.
Will BBY Stock Price Reach $89 In July?
The stock price trades above the 20,50,100 and 200-day EMAs, suggesting bullish momentum in the price. The 20-day EMA has been acting as a support for the price. Chaikin money flow score is 0.11, implying strength in the market. CMF has been above the 0 mark since June 14.
The stock price has reached the upper band of bollinger, hinting at the possibility of a short-term pullback. The relative strength index (RSI) is 65.99, indicating that the price is in a bullish momentum. RSI is upward sloping and will soon enter into the overbought zone.
Conclusion
The market structure and price action of Best Buy is bullish and price has broken the major resistance level of $83.50. The possibility of price rising further depends on the next candles direction. Technical parameters indicate that price is in bullish momentum and chances of short term pullback.
Technical levels
Major support: $79.20 and $72.40
Major resistance: $89 and $92
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/07/20/best-buy-co-nyse-bby-stock-will-price-rise-to-90-in-july/