Best Buy (BBY) is attempting to base with several bullish candlesticks over the last two weeks. Most recently, a Harami is taking shape on Monday-Tuesday. Prior to this, BBY formed a Hammer on Thursday and an Inverted Hammer on Friday. None of these candles has been confirmed yet. Look for a break above consolidation resistance for confirmation.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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