Possible Bullish Inside Day Candle Pattern Detected for Bed Bath & Beyond (NASDAQ:BBBY)
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 $42.55 and $43.06 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 $74.21 and a 52-week low of $41.15 and closed yesterday at 4% above that low price at $42.66 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has slid 0.8%.
Bed Bath & Beyond has overhead space with shares priced $42.66, or 35.1% below the average consensus analyst price target of $65.78. The stock should find initial resistance at its 50-day moving average (MA) of $48.93 and further resistance at its 200-day MA of $53.67.
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 domestics 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: bullish am inside day candle bed bath & beyond