This morning, leading technology retailer, Best Buy Co Inc (BBY), is falling by 15.1% after reporting earnings. The company said that rising theft is hitting the company’s profits. This problem has also been reported by other retailers such as Walgreens Boots Alliance (WBA), CVS Health Corp (CVS) and Kroger Co (KR). Today, Best Buy (BBY) stock is testing its important 200-day moving average around the $115.00 area. A daily close below this key level will likely trigger further downside inthe stock.
The next major support level for Best Buy Co Inc (BBY) stock will be around the $106.00 level. This is where the stock was defended by the institutional crowd in late September 2021. This area should be solid chart support when it is retested. I would consider a long side trade in the stock around this key level.
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