The share price of Best Buy ( BBY) has been cut in half in the past six months. This is the kind of slide that commodity traders are used to, but not what equity traders are comfortable with. Let's check out the charts of BBY. 
In this daily bar chart of BBY, below, we can see that prices have been in a decline the past 12 months. BBY is trading below the declining 50-day moving average line and the declining 200-day line. Trading volume has been active since November with a number of spikes or surges. The On-Balance-Volume (OBV) line has followed prices lower the past year. The Moving Average Convergence Divergence (MACD) oscillator is below the zero-line but showing some narrowing.
In this weekly Japanese candlestick chart of BBY, below, we can see a large top formation above the $100 level. Prices made a false breakout to the upside and then quickly reversed direction and broke the neckline and support in November. The 40-week moving average line has a negative slope. The weekly OBV line has weakened since November and the MACD oscillator is bearish. The most recent two candles could be a harami star pattern. Bullish confirmation is needed this week.
In this daily Point and Figure chart of BBY, below, we can see that prices reached a downside price target of $75.
In this weekly Point and Figure chart of BBY, below, we can see that prices reached their price target in this time frame.
Bottom line strategy: I am ready for a new big screen TV. Are you? Aggressive traders could go long BBY on a close above $75. Risk a new low close. The $90-$95 area is our price target.
