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BBY Short Term Analysis

Earnings hurt, apparently. Time to look for knife catching areas.

Here's a daily chart:

41 a HUGE level. 50 day moving average, previous resistance, and trendline support. A very technically strong level. Also some fibonacci confluence at those levels.

Let's take a look at the 1 min:

We're seeing a lot of bids right at that 41 dollar level. On the short term, any pullbacks to that level should be bought. Mark that level down, great short term trading level. If it can hold the 41 bid and get above 4138, we should see a little more strength on the short term. I'd look to maybe sell some front month puts to catch some premium.

by Steven Place

Steven Place is the founder and head trader at investingwithoptions.com/