How the price action of Best Buy ($BBY) is used to our Advantage
October 21, 2023, 23:30 pm ET, BY Jake B.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
Longer Term Trading Plans for BBY
- Buy BBY slightly over 68.55 target 75.72 stop loss @ 68.35 Details
The technical summary data tells us to buy BBY near 68.55 with an upside target of 75.72. This data also tells us to set a stop loss @ 68.35 to protect against excessive loss in case the stock begins to move against the trade. 68.55 is the first level of support below 68.68 , and by rule, any test of support is a buy signal. In this case, support 68.55 would be being tested, so a buy signal would exist.
- Short BBY slightly under 75.72, target 68.55, stop loss @ 75.94 Details
The technical summary data is suggesting a short of BBY as it gets near 75.72 with a downside target of 68.55. We should have a stop loss in place at 75.94though. 75.72 is the first level of resistance above 68.68, and by rule, any test of resistance is a short signal. In this case, if resistance 75.72 is being tested, so a short signal would exist.
Swing Trading Plans for BBY
- Buy BBY slightly over 69.47, target 71.90, Stop Loss @ 69.27 Details
If 69.47 begins to break higher, the technical summary data tells us to buy BBY just slightly over 69.47, with an upside target of 71.90. The data also tells us to set a stop loss @ 69.27 in case the stock turns against the trade. 69.47 is the first level of resistance above 68.68, and by rule, any break above resistance is a buy signal. In this case, 69.47, 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 69.47, target 68.55, Stop Loss @ 69.67. Details
The technical summary data is suggesting a short of BBY if it tests 69.47 with a downside target of 68.55. We should have a stop loss in place at 69.67 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, 69.47, 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 68.71, target 69.47, Stop Loss @ 68.55 Details
If 68.71 begins to break higher, the technical summary data tells us to buy BBY just slightly over 68.71, with an upside target of 69.47. The data also tells us to set a stop loss @ 68.55 in case the stock turns against the trade. 68.71 is the first level of resistance above 68.68, and by rule, any break above resistance is a buy signal. In this case, 68.71, 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 68.71, target n/a, Stop Loss @ 68.87. Details
The technical summary data is suggesting a short of BBY if it tests 68.71 with a downside target of n/a. We should have a stop loss in place at 68.87 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, 68.71, 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.
Check the time stamp on this data. Updated AI-Generated Signals for Best Buy (BBY) available here: BBY.
BBY Ratings for October 21:
| Term → | Near |
Mid |
Long |
|---|
| Rating |
Neutral |
Neutral |
Neutral |
| P1 |
0 |
0 |
68.55 |
| P2 |
68.71 |
69.47 |
75.72 |
| P3 |
70.15 |
71.90 |
82.91 |
AI Generated Signals for BBY
Blue = Current Price
Red= Resistance
Green = Support
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Our job as #investors is to pay attention to the #stocks we own. Part of that involves looking at the #fundamentals, but half of the disclosure comes from looking at price action. The Best Buy (NYSE: BBY) data table below can help you with price action, and we have more details too. Trading plans for BBY are shown here too; these plans are updated in real time for subscribers, where this report is static. If you want an update, or a report on a different stock, please get one here Unlimited Real Time Reports.
Fundamental Charts for BBY:
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