BBY is showing significant strength right now
Based on the analysis above in BBY, traders should determine that their portfolio can handle the additional risk from a new position. Also be sure that BBY is not significantly correlated with your existing positions. Lastly, experienced traders never ignore how a new addition relates both to the overall market conditions as well as their existing account. For example, check the S&P 500. Is it trending or stationary recently? Has it moved up or down though key levels? Be sure to matvh up your trading actions on BBY with the overall market so you are fighting the crowd.
Currently the important sentiment levels, evaluated by Traders For Wealth, have shown an increasingly positive bias toward BBY. Also, the price action in BBY has been moving up a lot. This is a strong sign for a potential upside breakout. Traders should view this as a bullish trade and make sure it aligns with the overall market mood, and their current positions.
Best Buy Co. (BBY)
Best Buy Co., Inc. is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents or using its Websites or mobile applications. It operates through two segments: Domestic and International. The Domestic segment consists of the operations in all states, districts and territories of the United States, under various brand names, including Best Buy, bestbuy.com, Best Buy Mobile, Best Buy Direct, Best Buy Express, Geek Squad, Magnolia Home Theater, and Pacific Kitchen and Home. The International segment consists of all operations in Canada and Mexico under the brand names, Best Buy, bestbuy.com.ca, bestbuy.com.mx, Best Buy Express, Best Buy Mobile and Geek Squad. It Domestic and International segments have offerings in over six categories, such as consumer electronics, computing and mobile phones, entertainment, appliances, services and other.