Best Buy Cup & Handle
Best Buy is setting up a cup and handle pattern as we close out October.
Displayed in the chart the same setup happened last year from end of November through January and bounced off the 50 day EMA early February. Price consolidated, broke down over a 22 day span then bounced up for a 12% increase after forming the handle.
The same exact setup is forming in the chart again this year accept a little earlier from August through October. Watch price over the next 3 weeks, or 21 days to retreat to the neckline and bounce off the 200 day EMA around the beginning of December shortly after earnings for another 12% increase after breaking above neckline. BBY has reported positive earnings 4 out of the last 5 Qtrs.
Please like if you agree, please comment if you disagree.
`Happy Trading
Displayed in the chart the same setup happened last year from end of November through January and bounced off the 50 day EMA early February. Price consolidated, broke down over a 22 day span then bounced up for a 12% increase after forming the handle.
The same exact setup is forming in the chart again this year accept a little earlier from August through October. Watch price over the next 3 weeks, or 21 days to retreat to the neckline and bounce off the 200 day EMA around the beginning of December shortly after earnings for another 12% increase after breaking above neckline. BBY has reported positive earnings 4 out of the last 5 Qtrs.
Please like if you agree, please comment if you disagree.
`Happy Trading
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