Shares of Best Buy (NYSE: BBY) rallied higher Tuesday, after news that the Trump administration has backed off from its hard stance on new tariffs.
Our analysis of Best Buy’s stock price focuses on the market cycles.
Based on its market cycles, we believe that Best Buy’s stock (BBY) still faces risk in the coming weeks.
We believe that the stock is likely still in the declining phase of its current cycle.
Our target is $65 over the coming weeks, which marks the 38.2% Fibonacci retracement.
Best Buy (BBY) Stock Weekly Chart
USTR Robert Lighthizer announced today that, “Certain products are being removed from the tariff list based on health, safety, national security and other factors and will not face additional tariffs of 10 percent.”
He added that tariffs would be “delayed” on certain consumer electronics, such as the mobile phones, laptops, and other products that are sold by Best Buy.
For more from Slim, or to learn about cycle analysis, check out the askSlim Market Week show every Friday on our YouTube channel.
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