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Rant & Rave Blog

This Is Not The Best Buy... Yet

Posted by Nick Santiago Thursday, November 16, 2017, 11:28AM ET

Read 337 times

Today, leading retailer of technology products, Best Buy Co., Inc. (NYSE:BBY), is declining sharply lower after reporting earnings. The stock is trading down by nearly 6.0 percent to $53.98 a share. Traders should note that BBY shares are now testing the daily 200-day moving average. A daily chart close below that key moving average should signal more downside for the electronics retailer.

The next major chart support level for BBY stock will be around the $49.00 area. This a scene of the crime support level that will often be defended when retested. Traders should keep an eye on this level as it should give us a solid trading opportunity.

 

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Nick Santiago

www.inthemoneystocks.com

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