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  • 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

    (click to enlarge)

    Stocks: BBY
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