Best Buy Chart Pattern – Bullish Ascending Triangle
The chart for Best Buy Co., Inc. (NYSE:BBY) is currently showing a bullish ascending triangle pattern. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns. Regardless of where they form, ascending triangles are bullish patterns that indicate accumulation (Source). See chart below for Best Buy Co., Inc. (NYSE:BBY), and the pattern is marked by the blue lines.
If you are reluctant to enter Best Buy Co., Inc. (NYSE:BBY) because the market has been dishing losers the past few days, this chart pattern may help. Obviously there is no crystal ball for investing in stocks, but it nice to find technical confirmation in stocks that you are interested in. You could always wait a few more days to see if the pattern holds up and it will reach the pivot point for a break out.
Best Buy Co., Inc. (NYSE:BBY) remains one of the top specialty retailers in the United States, Canada, Mexico, China, and Europe. The company offers consumer nearly everything related to consumer electronics such as TVs, digital cameras, digital camcorders, DVD players, MP3 players, home theater, and mobile electronics. They also offer a decent selection of car audio products with installation services available.
Disclosure: No positions in BBY at the time of writing.