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When Best Buy (BBY) Moves Investors should Listen

How do we know what is going on #behindthescenes of a company?  According to Stock Traders Daily, a 20-year #financialindustry innovator, the best way to do this to to watch the price action in the stock. The  Best Buy (NYSE: BBY) report below is a real world example. Included are trading plans for BBY, but this report is static. If you want an update, or a different stock, please get one here Unlimited Real Time Reports

Longer Term Trading Plans for BBY
  • NONE. Details
  • There is no current Support Plan to trigger a buy of this stock at this time. This usually means that there are no clear support levels at this time, so buying the stock as it falls could be considered catching a falling knife. Buy signals only exist if resistance breaks higher.
    This often is a signal that the stock you are watching is weak. Waiting for a turn higher may be more intelligent than trying to catch a falling knife. In any case, new support levels are usually revised to the database at the beginning of the next trading session.

  • Short BBY under 110.29, target n/a, stop loss @ 110.61 Details
  • The technical summary data is suggesting a short of BBY as it gets near 110.29, but the downside target is not available from the current data. This tells us to hold that position if it is triggered until a new downside target has been established (updates occur at the beginning of every trading session) or until the position has been stopped. The summary data tells us to have a stop loss in place at 110.61. 110.29 is the first level of resistance above 104.79, and by rule, any test of resistance is a short signal. In this case, if resistance 110.29 is being tested, so a short signal would exist.

Swing Trading Plans for BBY
  • Buy BBY slightly over 107.64, target 110.29, Stop Loss @ 107.33 Details
  • If 107.64 begins to break higher, the technical summary data tells us to buy BBY just slightly over 107.64, with an upside target of 110.29. The data also tells us to set a stop loss @ 107.33 in case the stock turns against the trade. 107.64 is the first level of resistance above 104.79, and by rule, any break above resistance is a buy signal. In this case, 107.64, 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 near 107.64, target 95.87, Stop Loss @ 107.95. Details
  • The technical summary data is suggesting a short of BBY if it tests 107.64 with a downside target of 95.87. We should have a stop loss in place at 107.95 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, 107.64, 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 107.64, target 110.29, Stop Loss @ 107.39 Details
  • If 107.64 begins to break higher, the technical summary data tells us to buy BBY just slightly over 107.64, with an upside target of 110.29. The data also tells us to set a stop loss @ 107.39 in case the stock turns against the trade. 107.64 is the first level of resistance above 104.79, and by rule, any break above resistance is a buy signal. In this case, 107.64, 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 near 107.64, target 103.10, Stop Loss @ 107.89. Details
  • The technical summary data is suggesting a short of BBY if it tests 107.64 with a downside target of 103.10. We should have a stop loss in place at 107.89 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, 107.64, 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 December 03:

Term →Near Mid Long
Rating Weak Weak Neutral
P1 0 0 110.29
P2 100.60 95.87 118.80
P3 103.10 107.64 128.07
Triggers may have already come
Support and Resistance Plot Chart for BBY

BBY Long Term Analysis for December 3 2021

Blue = Current Price
Red= Resistance
Green = Support

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