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

By Amy Schwartz

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 $17.17 and $17.49 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 share prices have moved between a 52-week high of $48.83 and a 52-week low of $17.11 and closed yesterday at 1% above that low price at $17.36 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 1.2%.

Potential upside of 26.7% exists for Bed Bath &Beyond, based on a current level of $17.36 and analysts' average consensus price target of $22.00. The stock should find initial resistance at its 50-day moving average (MA) of $34.27 and further resistance at its 200-day MA of $39.66.

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 monitoring the recent change of momentum in Bed Bath &Beyond. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Bed Bath &Beyond in search of a potential trend change.

Keywords: bullish am inside day candle bed bath &beyond

Ticker(s): BBBY