Best Buy Company Stock Code BBY.NYS
Outlook
Price tried to move above the cloud after a MACD divergence but the rally was capped by the upper edge of the cloud. In the previous trading session, price broke and closed below the cloud, changing the chart outlook to bearish. Conversion and Base lines remain in a bullish crossover from earlier. Lagging Span is below price of 26 days ago and below the cloud, confirming the bearish price trend. MACD has a bearish crossover and is hinting at a bearish price trend. We think price is likely to move lower to the next price support at $85.38 in the next 2-3 weeks.
Strategy
$94.60 Sell
$85.40 Price Target
$101.20 Risk Management Stop
3 weeks Trade Duration
