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Rant & Rave Blog

Best Buy Inc(NYSE:BBY) Is Not A Buy Just Yet

Posted by Nick Santiago Wednesday, September 20, 2017, 12:33PM ET

Read 303 times

The leading electronics retailer Best Buy Inc(NYSE:BBY) has tumbled lower again after presenting lackluster guidance at it's Investor Day conference. The reality is that the stock topped out on August 24th at $63.32 a share. Since that high pivot in the stock the shares have declined to $52.50 where it is trading today. According to some larger time frame charts this stock should not have major support until the $46.75 level. This tells us there could be more short term pain in the cards for BBY stock. Traders should note that the $46.75 level is where the stock broke out in March 2017. This level should serve as major support when retested.

 

 

Nick Santiago

www.inthemoneystocks.com

 

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