Leading technology-product retailer Best Buy (NYSE:BBY) took a hit Thursday after reporting earnings. At one point, the stock was down by nearly 6% to $53.98 a share. Traders should note that BBY is now testing its daily 200-day moving average. A daily chart close below that key moving average should signal more downside for the retailer.
Next Support
The next major chart support for Best Buy is around $49. This a scene-of-the-crime support level that is often defended when retested. Traders should keep an eye on this level as it should give us a solid trading opportunity.