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Advanced TA SearchArchive
- 4/19/2024 -
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Best Buy Co., Inc. (BBY) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
Move cursor over the icon to see details.
| | It was the negative week for the Best Buy Co., Inc. (BBY). During the week, the BBY dropped -1.85 points, or -2.37%, and closed at 76.15 on Friday, April 19, 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 18.92% 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 (80.11) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. BBY may retest the broken support line. It is considered to be a resistance line now. 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. 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 75.17 on April 16, 2024. BBY lost 8.19 points, or 9.82%, in 25 days. The chart has formed a Broadening Right-Angled, Descending Wedge chart pattern.
 Daily Technical Indicators: [See BBY daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with daily strongly oversold Williams' Percentage Range and Lane's Stochastic. 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 links to access Lane's Stochastic and Williams' Percentage Range 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. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term downtrend is strong.
During the last week, the price has crossed below the 50 Day Moving Average. While the medium-term trend is up and daily technical indicators are oversold, the 50 Day Moving Average is considered a support level. 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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