Best Buy Co Inc Stock Forecast
Red day on Thursday for Best Buy Co Inc
(Updated on Apr 18, 2024)
The Best Buy Co Inc stock price fell by -0.302% on the last day (Thursday, 18th Apr 2024) from $76.23 to $76.00. During the last trading day the stock fluctuated 2.23% from a day low at $75.63 to a day high of $77.32. The price has been going up and down for this period, and there has been a -3.8% loss for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -588 thousand shares and in total, 2 million shares were bought and sold for approximately $122.21 million.
The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $75.39 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 9.03% during the next 3 months and, with a 90% probability hold a price between $82.20 and $90.85 at the end of this 3-month period.
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BBY Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 1.10%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Best Buy Co Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $77.37 and $78.86. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Best Buy Co Inc stock
Best Buy Co Inc finds support from accumulated volume at $75.96 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $1.69 (2.23%) between high and low. For the last week, the stock has had daily average volatility of 2.61%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BBY) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Best Buy Co Inc to open at $76.32, and during the day (based on 14 day Average True Range), to move between $73.91 and $78.09, which gives a possible trading interval of +/-$2.09 (+/-2.75%) up or down from last closing price. If Best Buy Co Inc takes out the full calculated possible swing range there will be an estimated 5.51% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $75.96 (0.05%) than the resistance at $78.02 (2.66%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Best Buy Co Inc stock A Buy?
The Best Buy Co Inc stock holds several negative signals and despite the positive trend, we believe Best Buy Co Inc will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -1.135 Sell Candidate Unchanged
Predicted Opening Price for Best Buy Co Inc of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $76.32 ( 0.417%) | $76.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BBY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 78.01 | 2.64 % | |
| R2 | 77.36 | 1.79 % | ||
| R1 | 76.96 | 1.27 % | ||
| Current price: | 76.00 | |||
| Support | S1 | 75.67 | -0.433 % | |
| S2 | 75.27 | -0.96 % | ||
| S3 | 74.63 | -1.81 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 81.66 | 7.45 % | |
| R2 | 80.88 | 6.42 % | ||
| R1 | 78.02 | 2.66 % | ||
| Current price | 76.00 | |||
| Support | S1 | 75.96 | -0.0526% | |
| S2 | 75.21 | -1.04% | ||
| S3 | 75.17 | -1.09% |
BBY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 29, 2024 | Mar 20, 2024 | Apr 11, 2024 | $0.94 | 1.17% |
| 2 | Dec 11, 2023 | Dec 11, 2023 | Jan 02, 2024 | $0.92 | 1.19% |
| 3 | Aug 29, 2023 | Sep 18, 2023 | Oct 10, 2023 | $0.92 | 1.31% |
| 4 | May 25, 2023 | Jun 14, 2023 | Jul 06, 2023 | $0.92 | 1.14% |
| 5 | Mar 02, 2023 | Mar 22, 2023 | Apr 13, 2023 | $0.92 | 1.26% |
FAQ
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