Swing Trade Ideas – (BBY) – June 3, 2020
Our bullish trade for Wednesday, June 3rd is BBY (Best Buy Co Inc).
BBY is part of the Consumer Discretionary (XLY). XLY has experienced a 7.52% gain in the last month and its 1M and 6M trends turned bullish on the 14th and 18th of May respectively.
BBY’s 1M trend turned bullish on June 2nd and has recently pulled back to its 200-day MA which has acted as support and provided a good buying opportunity. With a technical score of 7 (out of 10), BBY is a strong stock that will likely continue higher.
As a stop loss, if BBY were to trade below $75 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade. We also recommend cutting losses on this options trade if the value of the vertical spread moves below $1.67.
