Best Buy Co., Inc. operates as a multi-national, multi-channel
retailer of technology products in the United States, Canada, China, and
Mexico. Its stores offer consumer electronics consisting primarily of
television and home theaters; digital cameras and camcorders; DVD and
Blu-ray players; portable electronics, such as MP3 devices, headphones
and speakers, car stereo, navigation and satellite radio; and all
related accessories. The company’s stores also provide computing and
mobile phone products, including notebook and desktop computers, tablets
and e-readers, mobile phones and related subscription service
commissions, and related accessories; entertainment products, such as
video gaming hardware and software, DVDs, Blu-rays, CDs, digital
downloads, and computer software; and appliances, including large and
small appliances, and kitchen and bath fixtures, including faucets,
sinks, toilets, and bathtubs.
Take a look at the 1-year chart of Best Buy (NYSE: BBY) below with added notations:
BBY had been on a steady trend higher from its April low up until its
$40, December high. After that, the stock has hit that same $40 (green)
mark a couple more times only to end up eventually pulling back down.
If BBY can finally break through that $40 resistance the stock should be
headed higher. A close above that resistance would also constitute a
new 52-week high.
The Tale of the Tape: BBY has a 52-week resistance
at $40. The possible long position on the stock would be on a breakout
above that level with a stop placed under it.
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