Trade Alert - Best Buy at New Lows
Published on Tuesday, 20 November 2012 11:34 Written by TradersHuddle Wire
New York, November 20th (TradersHuddle.com) - Shares of Best Buy Co., Inc. (NYSE:BBY) booked a new 52 week low by trading below $13.52. Traders are definitely monitoring Best Buy's price action to see if this move attracts further selling, or if this last push down sets a tradable bottom in the stock.
Best Buy Co., Inc. (NYSE:BBY) retails consumer electronics, computers, entertainment software, appliances and related services through its retail stores, as well as its web site.
Best Buy is currently trading -13.16% versus its previous trading session close, and it has calculated support and resistance at $13.52 and $16.25 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.
The overall market index S&P 500 is trading flat by 0% from its previous trading close, which means that Best Buy stock is underperforming the overall market.