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Look for Shares of Best Buy to Potentially Rebound after Yesterday's 3.18% Sell Off
Feb 26, 2013 (SmarTrend(R) News Watch via COMTEX) --
Best Buy (NYSE:BBY) traded in a range yesterday that spanned from a low of $16.20 to a high of $17.16. Yesterday, the shares fell 3.2%, which took the trading range below the 3-day low of $16.84 on volume of 10.8 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean revision.
SmarTrend recommended that subscribers consider buying shares of Best Buy on January 11th, 2013 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $13.70. Since that recommendation, shares of Best Buy have risen 24.1%. We continue to monitor BBY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Best Buy share prices have moved between a 52-week high of $27.95 and a 52-week low of $11.20 and are now trading 47% above that low price at $16.46 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.1% while the 200-day MA has slid 0.3%.
Write to Chip Brian at cbrian@mysmartrend.com
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SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com
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