Best Buy Co. BBY-N declined from $141.94 in November, 2021, to $60.79 in October, 2022, (A-B) below a falling trendline (dotted line) and the falling 40-week Moving Average (40wMA). The stock then settled in a large horizontal trading range mostly between $63 and $89 (dashed lines). The recent rise above the top of this range combined with the rising average suggests a breakout and the start of a new uptrend (C). A sustained rise above $94-95 would confirm it.
Behaviour indicators including the rising 40wMA confirm the bullish status. There is good support near ±$80; only a sustained decline below this level would cancel the current upside potential.
A rise above $94-95 would signal Point & Figure targets of $110 and $120. Higher targets are visible.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com