Best Buy (BBY) trying to bottom

Sep 23, 2011

Best Buy (BBY) is WASHED OUT at these levels. I see a LOWER-RISK opportunity to go LONG now. Why? If Best Buy (BBY) didn't fall on Thursday when the indexes took a beating of 5%, then the sellers are tired here. There are plenty of sellers up at $28 to $32+ (see large green box from April thru July), so I am not expecting anything much more than to test this area. Longer term, it will take 1-2 months to chew through this supply of stock. So, what I propose is to buy here at $24.18 and use a $22.90 stop and exit 1/2 at $27 and half at $27.50. Best regards, Technical Tim, Friday September 23, 2011 @ 5:11pm