Monday, December 12, 2011

Chart Request, BBY (Best Buy)

BBY is coming out with earnings after market. I don't know if there's a leak here, but there are a few strange incidents on the charts.
 The 1 min hart shows several parabolic spikes that have negative divergences in to them that sent them all lower, we have a positive leading divergence today, but BBY is still below Friday's close.

 The 2 min chart shows a few accumulation areas meant to send BBY higher, maybe for distribution purposes? In any case, the negative divergence is clear here and at the same area as the parabolic rallies that have failed.

 Here is a close up of the 5 min, again showing negative divergences at the parabolic intraday rallies.

 The same chart zoomed out also shows a negative leading divergence.

 The 15 min chart has been falling apart, that's not a positive divergence to the right, just in line trade.

 The 30 min chart doesn't look great ether, it is leading negative.

And the 60 min chart is nowhere near in line and is also leading negative.

I'm not making an earnings call here, but if I HAD to bet, I would say the reaction to earnings would not be favorable over the next few days.

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