BEST BUY CO. INC. - Daily - Technical analysis published on 07/07/2024 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : TARGET REACHED
Summary of the analysis
Trends
Short term:
Neutral
Underlying:
Bullish
Technical indicators
17%
44%
39%
My opinion
Bullish above 76.45 USD
My targets
87.36 USD (+5.96%)
92.69 USD (+12.42%)
My analysis
Has the basic bullish trend slowed or is it lacking in power? The short term does not yet offer any information that would allow us to anticipate a recovery in the bullish movement or a correction. Sellers' generally have the upper hand, even if a small correction (not tradeable) on the support located at 76.45 USD remains possible. It is advisable to trade BEST BUY CO. INC. with the greatest caution, while favouring long positions (at the time of purchase) as long as the price remains well above 76.45 USD. The next bullish objective for buyers is set at 87.36 USD. A bullish break in this resistance would boost the bullish momentum. The buyers could then target the resistance located at 92.69 USD. If there is any crossing, the next objective would be the resistance located at 95.22 USD. PS: if there is a bearish break in the support located at 76.45 USD we suggest that you produce a new automated technical analysis. In fact, conditions should have changed. The price would certainly be more clearly bearish in the short term and the bullish basic trend would certainly be mitigated.
In the very short term, the general bullish opinion of this analysis is in opposition with technical indicators. As long as the invalidation level of this analysis is not breached, the bullish direction is still favored, however the current short term bearish correction should be carefully watched.
Force
0
10
1.6
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Additional analysis
Quotes
The BEST BUY CO. INC. price is 82.45 USD. The price registered an increase of +0.13% on the session and was traded between 81.63 USD and 82.78 USD over the period. The price is currently at +1.00% from its lowest and -0.40% from its highest.81.63
82.78
82.45
The Central Gaps scanner detects a bearish opening. A small advantage for sellers in the very short term.
Bearish opening
Type : Bearish
Timeframe : Openning
A study of price movements over other periods shows the following variations:
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
Technical analysis of this Daily chart of BEST BUY CO. INC. indicates that the overall trend is bullish. 71.43% of the signals given by moving averages are bullish. Caution: the neutral signals currently given by short-term moving averages show us that the global trend is losing momentum. There is no crossing of moving average by the price or crossing of moving averages between themselves.
In fact, according to the parameters integrated into the Central Analyzer system, only 8 technical indicators out of 18 analysed are currently bearish. Caution: the Central Indicators scanner currently detects an excess:
CCI indicator is oversold : under -100
Type : Neutral
Timeframe : Daily
Williams %R indicator is oversold : under -80
Type : Neutral
Timeframe : Daily
Central Patterns, the scanner specializing in chart patterns, did not identify any signals.
The Central Candlesticks scanner which studies Japanese candlesticks did not detect anything.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 69.09 | 76.45 | 81.83 | 82.45 | 87.36 | 92.69 | 95.22 |
| Change (%) | -16.20% | -7.28% | -0.75% | - | +5.96% | +12.42% | +15.49% |
| Change | -13.36 | -6.00 | -0.62 | - | +4.91 | +10.24 | +12.77 |
| Level | Major | Major | Major | - | Major | Major | Minor |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 80.64 | 81.14 | 81.79 | 82.29 | 82.94 | 83.44 | 84.09 |
| Camarilla | 82.13 | 82.24 | 82.35 | 82.45 | 82.56 | 82.66 | 82.77 |
| Woodie | 80.73 | 81.18 | 81.88 | 82.33 | 83.03 | 83.48 | 84.18 |
| Fibonacci | 81.14 | 81.58 | 81.85 | 82.29 | 82.73 | 83.00 | 83.44 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 76.32 | 78.42 | 80.44 | 82.54 | 84.56 | 86.66 | 88.68 |
| Camarilla | 81.32 | 81.70 | 82.07 | 82.45 | 82.83 | 83.21 | 83.58 |
| Woodie | 76.27 | 78.40 | 80.39 | 82.52 | 84.51 | 86.64 | 88.63 |
| Fibonacci | 78.42 | 80.00 | 80.97 | 82.54 | 84.12 | 85.09 | 86.66 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 71.19 | 77.20 | 80.75 | 86.76 | 90.31 | 96.32 | 99.87 |
| Camarilla | 81.66 | 82.54 | 83.41 | 84.29 | 85.17 | 86.04 | 86.92 |
| Woodie | 69.95 | 76.59 | 79.51 | 86.15 | 89.07 | 95.71 | 98.63 |
| Fibonacci | 77.20 | 80.86 | 83.11 | 86.76 | 90.42 | 92.67 | 96.32 |
Numerical data
The following is the status of the technical indicators and moving averages at the time of publication of this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 45.98 | |
| MACD (12,26,9): | 0.6700 | |
| Directional Movement: | -4.24 | |
| AROON (14): | -64.28 | |
| DEMA (21): | 85.90 | |
| Parabolic SAR (0,02-0,02-0,2): | 88.62 | |
| Elder Ray (13): | -2.29 | |
| Super Trend (3,10): | 87.98 | |
| Zig ZAG (10): | 82.45 | |
| VORTEX (21): | 0.8900 | |
| Stochastique (14,3,5): | 14.61 | |
| TEMA (21): | 84.52 | |
| Williams %R (14): | -84.33 | |
| Chande Momentum Oscillator (20): | -7.89 | |
| Repulse (5,40,3): | -1.1500 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | 0.3800 | |
| Courbe Coppock: | 8.78 |
| MA7: | 83.16 | |
| MA20: | 86.47 | |
| MA50: | 79.40 | |
| MA100: | 78.00 | |
| MAexp7: | 83.56 | |
| MAexp20: | 84.30 | |
| MAexp50: | 81.50 | |
| MAexp100: | 78.83 | |
| Price / MA7: | -0.85% | |
| Price / MA20: | -4.65% | |
| Price / MA50: | +3.84% | |
| Price / MA100: | +5.71% | |
| Price / MAexp7: | -1.33% | |
| Price / MAexp20: | -2.19% | |
| Price / MAexp50: | +1.17% | |
| Price / MAexp100: | +4.59% |
Quotes :
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15 min delayed data
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NYSE Stocks
News
The last news published on BEST BUY CO. INC. at the time of the generation of this analysis was as follows:
- Best Buy Provides Update on Second Quarter Performance and Fiscal 2023 Outlook
- The Joint Chiropractic Wins Big: Zor Award Names Brand 2022 Best Buy; 2022 TOP$CORE FUND™ Honors Commitment to Franchise Financing
- Best Buy Announces Regular Quarterly Cash Dividend
- Best Buy Reports First Quarter Results
- Hyundai IONIQ 5 Added to Consumer Guide's® 2022 Best Buy Awards
This member declared not having a position on this financial instrument or a related financial instrument.
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