June 17 Chart of the Day - Best Buy

Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews

Best Buy (BBY) is making headlines today as UBS has upgraded the company to Buy from Neutral and raised its price target from $85 to $106, citing the company's restructuring efforts, new product cycle, and yada yada yada...

So we thought we'd review their chart from a price action technical analysis perspective.

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Monthly Chart 

On the monthly chart we can see that after setting its $141.97 all time high (ATH) back in late 2021 price fell dramatically over the next year melting through many potential support levels.

The bulls stepped in around the $60 level in October 2023 and price rapidly ascended making a series of higher highs and higher lows back up towards the $93 area before being forcefully rejected back down towards $60...

Weekly Chart

 
On the weekly chart we can see with much more clarity the dramatic fall from ATHs and where price briefly shot up over $140 then reversed starting a downward cycle.

Trading above $91 earlier today price has been in a range between the $60 and $90 area for a little more than a year making two round trips between each boundary.

Price is again testing the upper boundaries of that range seemingly with a potential decision to make. While it's not the last chance for the bears to step in to push price back lower it is an area of interest where support/resistance and a 61.8% bear Fibonacci level essentially meet together that have held multiple times in the past.  Could this be the time that price breaks out and above the range or will price fade back to the downside again?

Only time will tell for sure what price will do next...

We've layered in traditional Fibonacci levels as well as support/resistance to help identify potential price levels of interest and/or future price targets.

Armed with precision oriented charts like these both traders and investors can formulate their respective plans.

So what's next?