The Greedy Trader Weekly Analysis
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Yearly Pattern:Rising Pennant
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Chart Analysis and Chart Pattern Recognition – Bear Flag, Bull Flag, Bearish Pennant and Bullish Pennant.


Bear flag, bull flag, bearish pennant and bullish pennant chart patterns represent brief pauses after sharp moves in a dynamic market. They are considered as most reliable continuation patterns. Flags are characterized as short-term channels slanting against the main trend. Pennants represent short-term triangle formations. Volume is heavy during the sharp move preceding the formation.
Trading technique:
# 1 Flags and pennants present an additional opportunity to enter the dynamic market.
Tips:
# 1
Usually flags and pennants represent short-term pauses technically required to reset overbought/oversold technical indicators and allow further movement. They likely to appear at earlier stages of the larger patterns, when short-term technical indicators are grossly overbought/oversold, but long-term indicators are in the middle range. In a situation when both long and short-term indicators are overbought (oversold), flags and pennants have more chances to become the beginning of a larger formation. Flags and pennants are considered invalid as soon as they break the parent's formation trend line.
# 2 As a continuation pattern, rectangle usually appears within a young trend characterized by neutral long-term indicators and overbought/oversold short-term indicators. Rectangle resets daily CTI to neutral and then continues the movement in parent's direction.
# 3 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
Estimated Target: projected support/resistance level of larger trend.

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- 3/15/2024 -
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Best Buy Co., Inc. (BBY) Technical Analysis

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Summary:
Weekly :Trend resistance at 76.80
Daily :Daily  MACD line has moved below its signal line
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It was the negative week for the Best Buy Co., Inc. (BBY). During the week, the BBY gave back -0.56 points, or -0.71%, and closed at 78.02 on Friday, March 15, 2024. BBY was trading at average weekly trading volume.

Long-term trend: [See BBY long-term trend chart]
A long-term downtrend had started on February 2, 2023 at 93.32 and reached 62.30 on November 10, 2023. BBY lost 31.02 points, or 33.24%, in 40 weeks. The chart has formed a Falling Channel chart pattern. The price is near the trend resistance line (76.80). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a long-term trend.

Medium-term trend: [See BBY medium-term trend chart]
A medium-term uptrend had started on November 10, 2023 at 62.30 and reached 86.11 on February 29, 2024. BBY gained -23.81 points, or -38.22%, in 15 weeks. The price is now at the 33.98% retracement level.

Weekly Technical Indicators: [See BBY weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since December 1, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See BBY short-term trend chart]
A short-term downtrend had started on February 29, 2024 at 86.11 and reached 74.92 on March 6, 2024. BBY lost 11.19 points, or 13.00%, in 6 days. The chart has formed a Symmetric Triangle chart pattern.

Daily Technical Indicators: [See BBY daily technical indicators chart]
Daily technical indicators are neutral.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 54.42
Williams' Percentage Range (W%R) 67.40
Lane's Stochastic (%D-Slow) 35.17
Greed/Fear Indicator (GFI) 40.74
Moving Average Converg./Diverg. (MACD) 0.83
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 57.76
Williams' Percentage Range (W%R) 38.70
Lane's Stochastic (%D-Slow) 54.62
Greed/Fear Indicator (GFI) 55.52
Moving Average Converg./Diverg. (MACD) 0.13
Trading Signals
Description Value Chart
Parabolic System 82.24
Upper Bollinger Band 81.03
Weekly Stochastic Crossing 78.78
Price 78.02
20 Day Moving Average 77.16
Daily Stochastic Crossing 77.14
Quarterly Trendline Resistance 76.80
50 Day Moving Average 75.36
Lower Bollinger Band 73.17
Sector and Industry
Description Name Rank
Sector Consumer Discretionary 7
Industry Computer & Electronics Retail 37
Daily Trend
Description Value
Direction Down
Chart Pattern Symmetric Triangle
High 86.11
High Date 02/29/2024
Low 74.92
Low Date 03/06/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 69.66
Low Date 01/19/2024
High 86.11
High Date 02/29/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 62.30
Low Date 11/10/2023
High 86.11
High Date 02/29/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Falling Channel
Status Test Resistance
Resistance 76.80
Support 57.18
High 93.32
High Date 02/02/2023
Low 62.30
Low Date 11/10/2023
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 141.97
High Date 11/22/2021
Low 60.79
Low Date 10/13/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.