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Uptrend SupportArchive
- 4/26/2024 -
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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 dropped -1.10 points, or -1.44%, and closed at 75.05 on Friday, April 26, 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 November 22, 2021 at 141.97 and reached 60.79 on October 13, 2022. BBY lost 81.18 points, or 57.18%, in 46 weeks. The price is now at the 17.57% retracement level.
 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 chart has formed a Rising Channel chart pattern. The uptrend support line (80.93) 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 medium-term trend.
 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. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. 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 March 22, 2024 at 83.36 and reached 73.08 on April 25, 2024. BBY lost 10.28 points, or 12.33%, in 34 days. The price is now at the 19.16% retracement level.
Daily Technical Indicators: [See BBY daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.
The daily MACD line is below its signal line since April 2, 2024. This is an indication that the short-term trend is down.
During the last week, the 20 Day Moving Average has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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