Best Buy spikes - Analysis - 23-11-2022

Economies.com
2022-11-23 13:23PM UTC

Best Buy's stock (BBY) surged in the intraday levels after third-quarter profits, earnings, and sales passed estimates, with the stock rallying 12.78% in the last session, or 9.05 points, settling at 79.88, with trading volumes surpassing 17.5 million shares, above 10-day averages of 4.4 million shares. 

 

Technically, the stock found support after leaning on the 50-day SMA support, while piercing the downward short-term trend line, with positive signals from the RSI after reaching oversold levels. 

 

Therefore we expect more gains for the stock, targeting the pivotal resistance of 85.58, provided the support of 72.18 holds on.

 

Expected trend for today: Bullish

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