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Advanced TA SearchArchive
- 5/10/2024 -
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Best Buy Co., Inc. (BBY) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was the negative week for the Best Buy Co., Inc. (BBY). During the week, the BBY gave back -0.30 points, or -0.40%, and closed at 74.17 on Friday, May 10, 2024. Weekly volume was -30% below average.
BBY is a member of Consumer Discretionary Sector. Consumer Discretionary is the second most oversold sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See BBY long-term trend chart]
A long-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 chart has formed a Rising Channel chart pattern. The uptrend support line (82.57) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a long-term trend.
 Medium-term trend: [See BBY medium-term trend chart]
A medium-term downtrend had started on February 29, 2024 at 86.11 and reached 71.67 on May 1, 2024. BBY lost 14.44 points, or 16.77%, in 8 weeks. The chart has formed a Falling Wedge chart pattern. The trend support level is at 71.09 and resistance is at 77.52. A Falling Wedge is a triangle formation with a noticeable slant to the downside. It represents the loss of a downside momentum on each successive low and has a bullish bias. The Falling wedge usually marks a reversal in a downtrend. In an uptrend a falling wedge is considered to be a continuation pattern. Use the following link to access a Falling Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Wedge pattern in a medium-term trend.
 Weekly Technical Indicators: [See BBY weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since April 26, 2024. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.
 Short-term trend: [See BBY short-term trend chart]
A short-term uptrend had started on May 1, 2024 at 71.67 and reached 75.43 on May 7, 2024. BBY gained -3.76 points, or -5.25%, in 6 days. The price is now at the 33.51% retracement level.
Daily Technical Indicators: [See BBY daily technical indicators chart]
Daily technical indicators are neutral.
During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
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