A solid Q3 earnings report is propelling shares of BBY to new 52 week highs.

BBY is in full break out mode this morning. The stock opened the session with a powerful earnings inspired: https://www.zacks.com/stock/news/638409/best-buy-bby-surpasses-q3-earnings-and-revenue-estimates?cid=CS-MKTWTCH-HL-tale_of_the_tape|yseop_template_4-638409&mod=mw_quote_news , upside gap. Less than an hour into the session the stock is up over 7% on very heavy trade and is setting up well for a run into new all time high territory.

Since a huge post earnings move back in late February BBY has remained in a fairly narrow $13.00 range. This sideways action was capped by heavy resistance between $76.00 and $78.00. With this area now convincingly taken out BBY has room to run and has layers of support underneath. We expect more upside through year end. Initial target is the $84.00 area, the stock’s all time high set back in August of 2018.

At time of publication we do not have a position in BBY.