Trading Best Buy $BBY With Integrated Risk Controls

March 02, 2023, 08:42 am ET, BY Thomas H. Kee Jr- Editor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Price matters most to #makingmoney in the #stockmarket. Celebrating 20 years, Stock Traders Daily provides the tools that help you develop investment strategies, and this is a good example. When we couple this with our market based analysis, the probabilities of going with the flow increases, and that is material over time. The Best Buy (NYSE: BBY) report below can help you, but we have more details too. The trading plans for BBY, and the other 1000+ stocks we follow, are updated in real time for subscribers, but this report is static. If you want an update, or a different report, please get one here Unlimited Real Time Reports.

Longer Term Trading Plans for BBY

• Buy BBY slightly over 72.63 target 84.55 stop loss @ 72.42 Details

The technical summary data tells us to buy BBY near 72.63 with an upside target of 84.55. This data also tells us to set a stop loss @ 72.42 to protect against excessive loss in case the stock begins to move against the trade. 72.63 is the first level of support below 80.83 , and by rule, any test of support is a buy signal. In this case, support 72.63 is being tested, a buy signal would exist.

• Short BBY slightly under 84.55, target 72.63, stop loss @ 84.79 Details

The technical summary data is suggesting a short of BBY as it gets near 84.55 with a downside target of 72.63. We should have a stop loss in place at 84.79though. 84.55 is the first level of resistance above 80.83, and by rule, any test of resistance is a short signal. In this case, if resistance 84.55 is being tested, a short signal would exist.

Swing Trading Plans for BBY

• Buy BBY slightly over 84.55, target n/a, Stop Loss @ 84.31 Details

If 84.55 begins to break higher, the technical summary data tells us to buy BBY just slightly over 84.55, with an upside target of n/a. The data also tells us to set a stop loss @ 84.31 in case the stock turns against the trade. 84.55 is the first level of resistance above 80.83, and by rule, any break above resistance is a buy signal. In this case, 84.55, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short BBY slightly near 84.55, target 72.63, Stop Loss @ 84.79. Details

The technical summary data is suggesting a short of BBY if it tests 84.55 with a downside target of 72.63. We should have a stop loss in place at 84.79 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 84.55, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Day Trading Plans for BBY

• Buy BBY slightly over 82.55, target 84.55, Stop Loss @ 82.36 Details

If 82.55 begins to break higher, the technical summary data tells us to buy BBY just slightly over 82.55, with an upside target of 84.55. The data also tells us to set a stop loss @ 82.36 in case the stock turns against the trade. 82.55 is the first level of resistance above 80.83, and by rule, any break above resistance is a buy signal. In this case, 82.55, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short BBY slightly near 82.55, target 72.63, Stop Loss @ 82.74. Details

The technical summary data is suggesting a short of BBY if it tests 82.55 with a downside target of 72.63. We should have a stop loss in place at 82.74 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 82.55, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

BBY Ratings for March 02:

Term →	Near	Mid	Long
Rating	Strong	Strong	Neutral
P1	-1.34	0	-0.48
P2	0	0.23	72.63
P3	82.55	84.40	84.55

Support and Resistance Plot Chart for BBY

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