Best Buy (BBY) - Get Report stock was set to have a strong open on Wednesday, with shares trading higher by 1.5% before the opening bell.

However, the stock's opening gain of ~0.7% was quickly hammered away by sellers, as they flushed shares to a low of $66.67. Bulls and bears are still trying to wrestle control of the stock, with shares ultimately falling 0.44% to $67.43 on the day. 

On Tuesday, the stock received a $100 price target from analysts at Morgan Stanley. That implies a robust rally of almost 50% from current levels. It would also require a move over the 2019 highs near $78, as well as the all-time highs near $80.

However, that is not why Best Buy was moving higher on Wednesday.

It's up because ahead of Best Buy's 10 a.m. ET investor meeting, management gave a quick update, saying it expects the company to generate $50 billion in sales by fiscal 2025 and to cut $1 billion in costs and efficiencies.

For fiscal 2020 (this year), management expects sales between $43.1 billion and $43.6 billion, roughly in-line with consensus expectations of $43.39 billion.

Given some of the big numbers management is throwing out, it's no wonder Best Buy is Real Money'sStock of the Day. Let's look at the charts.

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Trading Best Buy

Daily chart of Best Buy stock.

Best Buy has a mixed relationship with mega cap tech. On the one hand, companies like Apple (AAPL) - Get Report help with revenue, as customers come to the store for purchases. On the other hand, companies like Amazon (AMZN) - Get Report deter shoppers, even though Best Buy is great about price matching its competition.

However, the trade war is certainly not a mixed relationship, as it negatively impacts Best Buy stock. That's evidenced in the early August plunge (purple arrow on the chart), where management cited the trade war as a pain point in its quarterly earnings report. 

After that release, Best Buy stock was stuck in a choppy downward channel (blue lines), before breaking out earlier this month.

Shares have now been trading sideways in a tight range between $66.30 and $68.60. Also acting as resistance is the 50-day moving average, up at $68.68. What does that mean for investors?

In my view, range trades are great, because something eventually has to give. Either support fails and BBY stock trades lower or resistance gives way and shares can trade higher.

On the downside, look for a close below $66.30 range support, which puts the 200-day moving average on the table. Below that opens up the possibility of a drop into the low $60s. Keep in mind, the 50% retracement is at $62.98.

A close above $68.60 and the 50-day moving average could trigger a move north of $70. At $71.58 is the 23.6% retracement. Above that and the post-earnings high of $73.95 is a possibility.

So can Best Buy stock get to $100? It's possible, but the stock has

a lot

of work to do, technically speaking, and that's putting it lightly. That starts with a break of the range, so let's watch that as the first step.

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.