BBY trade ideas
BBY Possible Play's Again my cus trades stocks so I figured I would post what I charted up for him. When looking at possible play's you will need to go down to a 2min time frame to get your entries. With the gaps in these stocks it can be difficult to find entries with so much missing data. maybe I don't pay enough to see it . I cannot post lower time frames and zones but set up 30min wick highs / lows -zones 3 candles back and you will see the support and resistance
When to buy BBYBest Buy (BBY) has just broken out of the base it established back in November 2022. The reaction to the most recent earnings is strong and yesterday June 4th 2024, BBY hit the same high from February 2023.
Idea 1: It can blow through this line top line and continue its climb. If this is the case, I will likely get in when there is a short (a few days to a week or so) pullback into the moving averages.
Idea 2: If it resets a little more, I will look buy once it establishes a base at one of my other support/resistance lines I have marked on here as 1 and 2. I want to see the 200SMA rising in this scenario and the price has to remain above it.
When to abort this idea: If BBY breaks down and doesn't hold above the 200SMA.
best buy potential longyou know ive been seeing chatter about this ticker more than usual. I know best buy is a consolidation nightmare but i see a trade. Break and entry would be 101. The anchored vwap shows a switch of trend and it can be used to ensure momentum is ensuing and the trade is going well. Also eventually there will have to be a way for consumers to purchase a.i gadgets, so like who already has presence in that space?
Best Buy Breakout?Best Buy has moved sideways since December, but some traders may expect a breakout soon.
The first pattern on today’s chart is the pair of falling trendlines. One ran along the highs of July and December, which BBY crossed in late February. A second along the March highs was broken this week. That may suggest downward pressure is fading in the retailer.
Second, the 50-day simple moving average (SMA) had a “golden cross” above the 200-day SMA early last month. That may reflect bullishness over the longer term.
Third, the 8-day exponential moving average (EMA) has remained above the 21-day EMA since mid-February. MACD is also turning positive. Those signals may reflect bullishness over the shorter term.
Fourth, Bollinger Bandwidth in the bottom study shows tight price action. Does that create potential for expansion if a breakout occurs?
Finally, the retailer ended Thursday above $79.52. It had been the highest close after February 29’s strong earnings report. Remaining above that level and the falling trendlines could potentially confirm a breakout.
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BBY | Time to Ride Higher | LONGBest Buy Co., Inc. engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment includes operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales. The International segment is made up of all operations outside the U.S. and its territories, including Canada, Europe, China, Mexico, and Turkey. It also markets its products under the brand names: Best Buy, bestbuy.com, Best Buy Direct, Best Buy Express, Best Buy Mobile, Geek Squad, GreatCall, Magnolia and Pacific Kitchen and Home. The company was founded by Richard M. Schulze in 1966 and is headquartered in Richfield, MN.
$BBY Gameplan Dec 4 ! NYSE:BBY Long above 73.49 , Short Below 72.92! - Continuation play Day 2 on Upbeat Retail Sales! Let's See! @everyone
Here's a breakdown of the expectations and my analysis for Best Buy Co Inc ( NYSE:BBY ) for the upcoming trading day on Monday, the 4th:
Opening Price: Expected to open at $72.57.
Expected Price Range: Anticipated to fluctuate between $71.47 and $75.37, based on a 14-day Average True Range, indicating a potential trading interval of +/- $1.95 (+/- 2.65%) up or down from the last closing price.
Potential Intraday Movement: If the full calculated possible swing range is realized, there might be an estimated 5.31% move between the lowest and highest trading prices during the day.
Support and Resistance Levels: Closer to resistance at $73.45 (0.04%) than support at $68.11 (7.23%), which might not present an attractive intra-day risk/reward ratio. Waiting for the stock to approach the support level might be prudent.
Insider Trading Activity: Insiders are observed to be selling more shares (1.15 million) than buying (701.88 thousand) in the last 100 trades. This trend of insider selling is generally considered a negative signal.
Is NYSE:BBY a Buy? While there are some positive signals, the analysis doesn't suggest NYSE:BBY as a buy candidate. At the current level, it's suggested to consider it as a hold candidate, waiting for further developments before making significant moves.
Remember, these analyses are based on historical data and indicators and might not guarantee future stock movements. Always consider your risk tolerance and do further research or consult a financial advisor before making investment decisions.
BBY Best Buy Options Ahead of EarningsIf you haven`t bought BBY here:
Then analyzing the options chain and the chart patterns of RUM Rumble prior to the earnings report this week,
I would consider purchasing the 70usd strike price Calls with
an expiration date of 2024-1-19,
for a premium of approximately $2.72.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
BestBuy play the bounceHi traders
Let's have a lookg at BBY
BestBuy looks interesting
The price reached the buy area and we are seeing a reaction.
The stock is still in a downtrend but entering a long position at the key support and playing a bounce towards the downsloping resistance is reasonable idea.
What do you think?
Do you agree?
BBY Best Buy Co Options Ahead of EarningsIf you haven`t bought BBY here:
Then analyzing the options chain and the chart patterns of BBY Best Buy Co prior to the earnings report this week,
I would consider purchasing the 77.50usd strike price Calls with
an expiration date of 2024-6-21,
for a premium of approximately $3.80.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
BBY drawback soonRecent Trend:
BBY stock has recently broken out of a short-term downtrend and has been showing a bullish trend. This suggests that the stock price has been rising, driven by positive market sentiment, strong financial performance, and favorable industry conditions.
Previous Rejection:
The stock price is approaching a price level where it has been rejected in the past. This means that the stock struggled to move beyond this level, leading to potential reversals or consolidation. Considering this historical pattern, there is a bearish outlook on the stock.
It's important to note that past price action doesn't guarantee future performance, and other factors should be considered. Additional analysis, such as technical indicators, fundamental analysis, and market conditions, can provide a more comprehensive view.
Please remember that this analysis is for informational purposes only and not financial advice. Before making any investment decisions, conduct thorough research, consider your own financial situation, and consult with a financial professional
Bestbuy It looks like we should have short term rally. RSI is way oversold. MACD is still bearish and the long term trend is bearish. This is not a company you want to hold in an economic downturn.
Key Points
- Long Term Support is $48 area.
- Citi Downgraded BestBuy $65
We see a short squeeze after Citi's downgrade as expected. Regardless the market is in a downtrend.
BBY Best Buy - A Ripe Opportunity for 50%Best Buy is a company that I never liked. However, recently I had to deal with them and found that the stores are in much nicer shape, the inventory is much better, the web experience is actually pretty clean, and moreover, at least here in Canada, there's actually nowhere else to buy electronics. They pretty much have the market cornered.
What I found is that while prices were low because consumer spending is in the toilet, inventory is also low because China has been smashed up pretty hard by the Wuhan Pneumonia pandemic, and the situation with Xi and his Chinese Communist Party is likely to get a lot worse before it even begins to try to get better.
You have to be careful with equity longs over the next 4 months, especially the more bullish it gets, because the Chinese Communist Party's collapse is the big black swan that nobody believes is coming, but that the US and Wall Street seem to know is on the way.
When the calamity unfolds, a lot of things are going to change in the world. No human beings are really prepared for what is going to happen. Humans and governments always make their plans, but reality always gets the last laugh.
What this ultimately means is that for the electronics sector, demand should increase because we're heading into the spring and summer months of the North American markets, but supply will be low because the guys who were making things have been disrupted, and in the worst way.
In other words, we're looking at a bullish impulse inside of prevailing bearish conditions, which is the premium short setup. But often the best short setups are precluded by outstandingly easy long setups, which is where we're at with Best Buy.
I currently believe that since the prevailing narrative across all markets has been so bearish for so long, that we're about to get a bear trap that will see equities and indexes dump rather aggressively, because everything is about to go off hard to the upside.
I believe that the real market crash will begin to unfold somewhere around the end of July of this year, and in the meantime, markets are going to pump while Wall Street gets positioned on the real "Big Short."
So for Best Buy, there are some nuances to the chart that's been setup.
One is that on the monthly bars, the price action can only be described as unclear.
COVID and October lows have never breached or even touched the long term trendline, and yet there's an unbroken double bottom at $49. While double bottoms normally give me a big reason to believe they're about to become a magnet, I think that going from $86 to $45 in the next few months is just really not the most likely option.
On the weekly bars, we get a much more lucid situation:
Weekly, Best Buy is still trading well below equilibrium of the range measured from the ATH to the October low, and under the 200 DMA. None of these are bullish factors, but we also want to buy weakness when going long.
In terms of upside targets, Best Buy has an enormous gap over $116 that was never touched on the way down. Instead, the MM algo left a spike candle at $112 and proceeded to dumpster it.
Both of these areas become targets to aim for on a long trade.
On the daily candles, recent price action was clearly a breakout play against the 200 DMA, with the recent FOMC rate pump activity being a re-raid on the August of '22 highs.
This means I expect a pullback near the lows, primarily because price algorithms like to return towards lows after taking big highs during news drivers. But I feel it's also very obvious on Best Buy because there's a nice fat gap under the equilibrium between October lows, the recent highs, and the daily 200 DMA.
Upside from the $75 area to the $115 gap is 50% and the time horizon is roughly 3 months. Stop out if it sets a new low.
Good luck, and don't get caught being afraid on coming price action. Even more importantly, don't get caught being greedy if markets start to pump.
Humanity will soon face an enormous tribulation that will be hard to pass. More will be at stake than trading accounts.
