Best Buy Has 60% Upside After Breaking Out Of Massive Base
Shares of Best Buy consolidated for two decades before breaking out in early 2018. In technical analysis, the longer the base, the stronger the subsequent move. Best Buy is currently pushing up against all time highs and is forming an ascending triangle, which is a high probability technical chart pattern. The stock has a technical price objective of $130, representing 60% upside from current levels. The $130 target is derived from two sources: the 261.8% fibonacci extension level of the 2006 high and 2012 low, and the measured move target from the ascending triangle. A strong consumer, easing trade tensions between the U.S. and China, and a successful push into health care could be the catalysts needed to move shares higher.