{"id":7236,"date":"2011-10-16T23:53:47","date_gmt":"2011-10-17T03:53:47","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=7236"},"modified":"2011-10-16T23:53:59","modified_gmt":"2011-10-17T03:53:59","slug":"best-buy-widening-wedge","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2011\/10\/16\/best-buy-widening-wedge\/","title":{"rendered":"Chart Review: Best Buy&#8217;s Widening Wedge"},"content":{"rendered":"<p>The saga of Best Buy&#8217;s bottom has now developed in a strange fashion.<\/p>\n<p>For two months now, <a href=\"http:\/\/drduru.com\/onetwentytwo\/tag\/bby\/\" title=\"Archive of BBY posts\" target=\"_blank\">I have maintained a laser focus on the buying opportunity in Best Buy (BBY) stock based on some stabilization around the 2009 lows<\/a>. In the last post, I pointed out that sellers may have finally been washed out after earnings. Three weeks later, BBY plunged to fresh 52-week lows and prices last seen almost three years ago. This move was in sympathy with the S&#038;P 500 which printed fresh 52-week lows on the same day. However, since that point, BBY has raced upward 17% and now sits at recent highs.<\/p>\n<p>These moves have formed what I now recognize as both lower lows and higher highs, a widening wedge. The technical interpretation of this pattern is not clear.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_7732\" aria-describedby=\"caption-attachment-7732\" style=\"width: 490px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2011\/10\/111014_BBY.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2011\/10\/111014_BBY.png\" alt=\"Bulls and bears trade swipes over Best Buy\" title=\"Bulls and bears trade swipes over Best Buy\" width=\"500\" height=\"350\" class=\"size-full wp-image-7732\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2011\/10\/111014_BBY.png 500w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2011\/10\/111014_BBY-300x210.png 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/a><figcaption id=\"caption-attachment-7732\" class=\"wp-caption-text\">Bulls and bears trade swipes over Best Buy<\/figcaption><\/figure><br \/>\n<strong>Source: <a href=\"http:\/\/www.freestockcharts.com\/\" title=\"FreeStockCharts.com\" target=\"_blank\">FreeStockCharts.com<\/a><\/strong><br \/>\n<\/center><\/p>\n<p>To me, the widening range of Best Buy represents an increasingly intense battle between bears and bulls: bears show their mettle by forcing the stock to new multi-year lows and then bulls show their own mettle by sending the stock to a rapid recovery and new highs in the widening wedge. While the bulls still need to tag the upper part of this wedge, they at least have the 50-day moving average (DMA) developing in their favor. The stock has broken out above this important technical line; the 50DMA even looks like it will be turning upward soon. If BBY can hold firm there with a successful retest, and, even better, around the 2009 intra-day lows, I will once again get more confident in the formation of a lasting bottom.<\/p>\n<p>Full disclosure: long BBY<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The saga of Best Buy&#8217;s bottom has now developed in a strange fashion. For two months now, I have maintained a laser focus on the buying opportunity in Best Buy (BBY) stock based on some stabilization around the 2009 lows. In the last post, I pointed out that sellers may have finally been washed out &#8230; <a title=\"Chart Review: Best Buy&#8217;s Widening Wedge\" class=\"read-more\" href=\"https:\/\/drduru.com\/onetwentytwo\/2011\/10\/16\/best-buy-widening-wedge\/\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[483,482,338,62],"tags":[721,720],"class_list":["post-7236","post","type-post","status-publish","format-standard","hentry","category-breakdown","category-breakout","category-retail","category-technical-analysis","tag-bby","tag-best-buy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Chart Review: Best Buy&#039;s Widening Wedge - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2011\/10\/16\/best-buy-widening-wedge\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chart Review: Best Buy&#039;s Widening Wedge - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"The saga of Best Buy&#8217;s bottom has now developed in a strange fashion. 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