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Possible Bearish Inside Day Candle Pattern Detected for Bed Bath &Beyond (NASDAQ:BBBY)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Bed Bath &Beyond (NASDAQ:BBBY) based on the price action in the company's shares. Today's price range of $12.51 and $12.76 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Bed Bath &Beyond may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 41.0% for shares of Bed Bath &Beyond based on a current price of $12.60 and an average consensus analyst price target of $17.77. Bed Bath &Beyond shares should first meet resistance at the 50-day moving average (MA) of $14.21 and find additional resistance at the 200-day MA of $18.07.

In the past 52 weeks, shares of Bed Bath &Beyond have traded between a low of $11.99 and a high of $24.74 and are now at $12.60, which is 5% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 3.3%.

Bed Bath & Beyond Inc. operates a nationwide chain of retail stores. The Company, through its retail stores, sells a wide assortment of merchandise principally including domestic merchandise and home furnishings, as well as food, giftware, health and beauty care items, and infant and toddler merchandise.

SmarTrend is tracking the current trend status for Bed Bath &Beyond and will alert subscribers who have BBBY in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle bed bath &beyond

Ticker(s): BBBY