Best Buy has had a solid performance since just after Thanksgiving. Note the surge in volume as the stock took a tumble just before that holiday in what seemed a capitulation moment. Since then the stock has been on a tear. The indicators continue to reflect price strength and buyers lining up.
The recent morningstar pattern is a bullish one. With an overbought condition, the dip last week (when it tested the 20 ma – see the green dotted line) was a great buying opportunity. The RSI is super strong, too. I like this stock to move on to higher prices after this recent check back to the 20 ma.
Best Buy (NYSE: BBY) Video Chart Analysis
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About Best Buy
Best Buy Co., Inc. operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates through two reportable segments, Domestic and International. Its stores provide consumer electronics, such as home theater, home automation, digital imaging, health and fitness, and portable audio products; computing and mobile phones, including computing and peripherals, networking, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, such as gaming hardware and software, movie, music, technology toy, and other software products. The company??s stores also offer appliances, which include refrigeration and laundry appliances, dishwashers, ovens, coffee makers, blenders, etc.; and other products comprising snacks, beverages, and other sundry items. In addition, it provides services, such as consultation, design, delivery, installation, set-up, protection plan, repair, technical support, and educational services. The company offers its products through stores and Websites under the Best Buy, bestbuy.com, Best Buy Mobile, Best Buy Direct, Best Buy Express, Geek Squad, Magnolia Home Theater, Pacific Kitchen and Home, bestbuy.com.ca, and bestbuy.com.mx brand names, as well as through call centers. It has approximately 1,200 large-format and 400 small-format stores. The company was formerly known as Sound of Music, Inc. Best Buy Co., Inc. was founded in 1966 and is headquartered in Richfield, Minnesota.
