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

By Nick Russo

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. Yesterday's price range of $14.10 and $14.40 is within the prior day'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.

Bed Bath & Beyond Inc., together with its subsidiaries, operates a chain of retail stores. It sells a range of domestics merchandise, including bed linens and related items, bath items, and kitchen textiles; and home furnishings, such as kitchen and tabletop items, fine tabletop, basic housewares, general home furnishings, consumables, and various juvenile products.

In the past 52 weeks, shares of Bed Bath &Beyond have traded between a low of $7.31 and a high of $19.57 and closed yesterday at $14.38, which is 97% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 3.4%.

Bed Bath &Beyond (NASDAQ:BBBY) has potential upside of 23.6% based on a current price of $14.38 and analysts' consensus price target of $17.77. Bed Bath &Beyond shares have support at the 200-day moving average (MA) of $13.07 and additional support at the 50-day MA of $11.12.

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 am inside day candle bed bath &beyond

Ticker(s): BBBY