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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish 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 $28.24 and $28.78 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. Traders and investors interested in shares of Bed Bath &Beyond may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Bed Bath &Beyond has overhead space with shares priced $28.31, or 25.2% below the average consensus analyst price target of $37.83. Bed Bath &Beyond shares should first meet resistance at the 50-day moving average (MA) of $34.27 and find additional resistance at the 200-day MA of $39.66.

Over the past year, Bed Bath &Beyond has traded in a range of $28.13 to $48.83 and closed yesterday at $28.31, 1% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 1.2%.

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 recommended that its subscribers protect gains by selling shares of Bed Bath &Beyond on December 22nd, 2016 by issuing a Downtrend alert when the shares were trading at $42.60. Since that call, shares of Bed Bath &Beyond have fallen 33.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle bed bath &beyond

Ticker(s): BBBY