May 25 Chart of the Day - Best Buy
Before market open today Best Buy (BBY) released its earnings results for the last quarter that pleased Wall St as its stock price popped in after hours trading.
But can the company fundamentally and technically speaking keep defending "lines in the sand" with respect to price action?
Buyers recently defended $60 area with a vengeance driving the price all the way up to $93 before falling back towards its seemingly $60 price magnet. The recent earnings news should drive up its price to the $72-$75 area once the market opens today but since the $141.97 all time high back in November 2022 price has been systematically making a series of lower lows and lower highs on the weekly chart.
How far will this bear trend continues? Nobody knows for sure but using support/resistance, trend, and Fibonacci traders and investors can develop price levels of interest in both directions.
Take a look at the charts and let us know what you think.
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