Best Buy Joins In On The Rally

em>Joel Elconin is the co-host of

, a daily trading idea radio show.

Best Buy

( shares are trading higher by $0.87 at $34.88 in Thursday's session. With no specific news out on the issue, let's examine the technicals to analyze today's strong rally. Since making its May 20 llow at $33.73, it has put multiple lows just above and below the $34 level. The most recent ones being on Monday when it reached $33.75 and Wednesday when it bottomed at $33.81 and rallied to close at $34.01. Following the lead of the broad market, it opened a quarter higher ($34.25), it had a brief retreat to $34.21. before resuming its rally. So far, it has reached $34.92, which is just above its pair of highs from June 5 ($34.79) and June 6 ($34.77), but shy of its June 4 high ($34.35. It has not closed over $35 since June 3, when it ended the session at $35.07.