{"id":24668,"date":"2014-01-16T12:30:34","date_gmt":"2014-01-16T17:30:34","guid":{"rendered":"http:\/\/www.ino.com\/blog\/?p=24668"},"modified":"2014-01-16T12:48:57","modified_gmt":"2014-01-16T17:48:57","slug":"best-buy-nysebby-implodes","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2014\/01\/best-buy-nysebby-implodes\/","title":{"rendered":"Best Buy (NYSE:BBY) Implodes"},"content":{"rendered":"

Best Buy Co., Inc. (NYSE:BBY)<\/a> was one of the top performing stocks in 2013. Best Buy (NYSE:BBY) reported on Thursday that total revenue and sales at its established US stores fell in the all-important holiday season due to intense discounting by rivals, supply problems for key products and generally weaker traffic in December. After starting out the trading year of 2013 at $12, this stock performed like the energizer bunny and kept going and going and going for most of the year. It hit a high of $44.60 on November 13th, a month before the all-important holiday season reality set in.<\/p>\n

What Does This Company Do?<\/h2>\n

Best Buy Co., Inc.(NYSE:BBY)<\/a> operates as an e-commerce and physical retailer of consumer electronics in the United States, Europe, Canada, and China.<\/p>\n

Was Best Buy's Implosion Predictable?<\/h2>\n

No one can predict with 100% certainty what's going to happen in any given market. What technical analysis can do, and does do very well, is put the odds in your favor and give you a high degree of confidence that something is going to happen. It also acts to protect your capital when things go wrong in a market. That is done through the use of money management and discipline, both of which I talk about frequently on this blog. Let me illustrate for you how two simple technical tools would have helped you avoid today's disaster in Best Buy.<\/p>\n

Trade Triangles Save The Day<\/h2>\n

On the chart of Best Buy, there was a red monthly Trade Triangles at $22.85 on April 2, 2012 (black 2) indicating that the trend was headed lower for this stock. The downtrend changed on February 1, 2013 when a new green monthly Trade Triangle kicked in at $16.36 (black 3). That trend stayed strong until November 19, 2013 when a new red weekly Trade Triangle (not shown on chart) kicked in at $40.85 suggesting an exit\/sidelines position was warranted for this stock (black 4). MarketClub's Trade Triangles are designed to get you in a stock when it is moving higher and more importantly to get you out of stock with a profit or minimal loss when the trend reverses. If you are an aggressive trader you can use the Trade Triangle technology to both buy and short stocks.<\/p>\n

\"\"<\/a><\/p>\n

Black Buttons<\/h2>\n

1. Trade Triangles box
\n2. Bearish monthly Trade Triangle signal
\n3. Bullish monthly Trade Triangle signal
\n4. Weekly Trade Triangle exit signal
\n5. Major Fibonacci retracement and support levels<\/p>\n

All Powerful Technical Trend Lines<\/h2>\n

Trend lines have to be one of the simplest forms of technical analysis. They are also one of the most powerful ways of detecting when a stock is going up and when it invariably changes direction and starts to move lower. If you haven't seen this short video on how to use trend lines<\/a>, I highly recommend it.<\/p>\n

Orange Buttons<\/h2>\n

1. 10-month downtrend line.
\n2. Upside breakout over downtrend line
\n3. 11-month uptrend line.
\n4. Downside breakout below uptrend line<\/p>\n

Fibonacci Support For Best Buy<\/h2>\n

If I am correct in my analysis, Best Buy Co., Inc.(NYSE:BBY)<\/a> could move down to a major Fibonacci retracement\/support zone around $23.80. The $23.80 level represents a 61.8% pullback from last year's highs in November and the lows seen in early 2013. You can learn more about Fibonacci retracements in this short video lesson<\/a>.<\/p>\n

To summarize, I expect the current downtrend and defensive market action in Best Buy to continue unless I see otherwise with the Trade Triangle technology. <\/p>\n

Every success with MarketClub in 2014,
\nAdam Hewison<\/a>
\nPresident, INO.com
\nCo-Creator, MarketClub<\/p>\n","protected":false},"excerpt":{"rendered":"

Best Buy Co., Inc. (NYSE:BBY) was one of the top performing stocks in 2013. Best Buy (NYSE:BBY) reported on Thursday that total revenue and sales at its established US stores fell in the all-important holiday season due to intense discounting by rivals, supply problems for key products and generally weaker traffic in December. After starting […]<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[188,5929,59,983,1768,567,1985],"class_list":["post-24668","post","type-post","status-publish","format-standard","hentry","category-trading-tips","tag-adam-hewison","tag-best-buy-co-inc-nysebby","tag-fibonacci","tag-fibonacci-retracements","tag-marketclub-tips-talk","tag-trade-triangle-technology","tag-trend-lines"],"yoast_head":"\nBest Buy (NYSE:BBY) Implodes - INO.com Trader's Blog<\/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:\/\/www.ino.com\/blog\/2014\/01\/best-buy-nysebby-implodes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Best Buy (NYSE:BBY) Implodes - INO.com Trader's Blog\" \/>\n<meta property=\"og:description\" content=\"Best Buy Co., Inc. (NYSE:BBY) was one of the top performing stocks in 2013. Best Buy (NYSE:BBY) reported on Thursday that total revenue and sales at its established US stores fell in the all-important holiday season due to intense discounting by rivals, supply problems for key products and generally weaker traffic in December. 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