Shares of retailer Best Buy ( BBY) were upgraded by TheStreet's Quant Ratings service Wednesday. This followed the company's earnings released on Tuesday, which our own 'Sarge' Guilfoyle opined on here.
Let's check out the charts and indicators of Best Buy. 
In the daily bar chart of BBY, below, I can see that the shares made a high in early February. BBY trades below the 50-day moving average line and below the 200-day moving average line. The recent price bounce stopped at the underside of the 200-day line.
The On-Balance-Volume (OBV) line has been weak since the middle of February and tells me that sellers of BBY have been more aggressive than buyers. The Moving Average Convergence Divergence (MACD) oscillator is bearish but is approaching a possible cover shorts buy signal.
In the weekly Japanese candlestick chart of BBY, below, I see a bearish setup. There is a clear top reversal pattern showing in July. Prices are in a longer-term decline and trade below the cresting 40-week moving average line.
The weekly OBV line is in a major decline. The MACD oscillator is below the zero line in sell territory.
In this daily Point and Figure chart of BBY, below, I can see a downside price target in the $60 area.
In this weekly Point and Figure chart of BBY, below, I can see the same downside price target as the daily P&F chart $60.
Bottom-line strategy: I respect the other methods of investment analysis -- fundamentals and quantitative -- but I will not go against the chart picture. Avoid the long side of BBY as further declines are possible.
