Seeking Alpha

InTheMoneyStocks'  Instablog

InTheMoneyStocks
Send Message
InTheMoneyStocks.com is a proprietary research, consulting and investment alerts company focused on guiding investors, swing traders and day traders to financial success. Their PPT Methodology is a proprietary blend of price, pattern and time discoveries that has helped produce 216.37% net... More
My company:
InTheMoneyStocks.com
My blog:
Rant & Rave - Pro Traders Blog
  • Reality Revealed: Best Buy Or Better Sell 0 comments
    May 30, 2013 1:03 PM | about stocks: BBY

    Best Buy Co., Inc. (NYSE:BBY) is having a solid day, trading at $28.02, +0.98 (3.62%). The stock is up 150% from its 2013 lows of $11.40. While investors clamor to be long the stock, signs point to a topping out pattern that signal a reversal and fall. Best Buy looks like it is a much Better Sell.

    Today, Best Buy is hitting a major resistance pivot trend line. After a 150% gain in the stock, this tells me downside is likely. Note the chart below. This is not just any random trend line of resistance. This stands out as a major level that warrants at least a 10% pull back if not 25%. A likely target in the next six months is $21.00.

    Gareth Soloway
    InTheMoneyStocks.com

    (click to enlarge)

    Stocks: BBY
Back To InTheMoneyStocks' Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

Latest Comments


Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.