Best Buy Company., Inc Stock Forecast
Red day on Wednesday for Best Buy Company., Inc
(Updated on Apr 17, 2024)
The Best Buy Company., Inc stock price fell by -1.00% on the last day (Wednesday, 17th Apr 2024) from £360.00 to £356.40. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 3.77% from a day low at £355.20 to a day high of £368.60. The price has fallen in 7 of the last 10 days and is down by -6.01% for this period. Volume has increased on the last day by 558 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 1 million shares were bought and sold for approximately £510.97 million.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at £355.88 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 16.33% during the next 3 months and, with a 90% probability hold a price between £413.99 and £471.69 at the end of this 3-month period.
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BBY.L Signals & Forecast
There are few to no technical positive signals at the moment. The Best Buy Company., Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at £366.06 and £364.41. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, March 15, 2024, and so far it has fallen -7.72%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Best Buy Company., Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at £334.20 and £331.20. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Best Buy Company., Inc finds support just below today's level at £334.20. If this is broken, then the next support from accumulated volume will be at £331.20 and £324.40.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved £13.40 between high and low, or 3.77%. For the last week the stock has had daily average volatility of 2.60%.
Best Buy Company., Inc is oversold on RSI14 (18). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BBY.L) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Best Buy Company., Inc to open at £360.07, and during the day (based on 14 day Average True Range), to move between £347.71 and £365.09, which gives a possible trading interval of +/-£8.69 (+/-2.44%) up or down from last closing price. If Best Buy Company., Inc takes out the full calculated possible swing range there will be an estimated 4.87% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £372.00 (4.38%) than the support at £334.20 (6.23%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Best Buy Company., Inc stock A Buy?
The Best Buy Company., Inc stock holds several negative signals and despite the positive trend, we believe Best Buy Company., Inc will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -4.417 Sell Candidate Unchanged
Predicted Opening Price for Best Buy Company., Inc of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| £360.07 ( 1.03%) | £356.40 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BBY.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 373.47 | 4.79 % | |
| R2 | 368.35 | 3.35 % | ||
| R1 | 365.19 | 2.47 % | ||
| Current price: | 356.40 | |||
| Support | S1 | 354.95 | -0.407 % | |
| S2 | 351.79 | -1.29 % | ||
| S3 | 346.67 | -2.73 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 378.20 | 6.12 % | |
| R2 | 377.00 | 5.78 % | ||
| R1 | 372.00 | 4.38 % | ||
| Current price | 356.40 | |||
| Support | S1 | 334.20 | -6.23% | |
| S2 | 331.20 | -7.07% | ||
| S3 | 324.40 | -8.98% |
BBY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 16, 2024 | May 16, 2024 | Jul 03, 2024 | £8.00 | 2.24% |
| 2 | May 18, 2023 | May 18, 2023 | May 18, 2023 | £7.00 | 1.79% |
| 3 | Aug 17, 2022 | Oct 27, 2022 | Dec 05, 2022 | £3.50 | 1.06% |
| 4 | Mar 10, 2022 | May 26, 2022 | Jul 06, 2022 | £6.00 | 2.37% |
| 5 | Aug 18, 2021 | Nov 04, 2021 | Dec 06, 2021 | £3.00 | 1.22% |
FAQ
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