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

By Nick Russo

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. Today's price range of $42.60 and $42.95 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. 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.

In the past 52 weeks, Bed Bath & Beyond share prices have been bracketed by a low of $41.15 and a high of $74.21 and are now at $42.83, 4% above that low price. The 200-day and 50-day moving averages have moved 0.82% lower and 0.26% lower over the past week, respectively.

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.

Bed Bath & Beyond has overhead space with shares priced $42.83, or 34.9% below the average consensus analyst price target of $65.78. The stock should run into initial resistance at its 50-day moving average (MA) of $48.93 and subsequent resistance at its 200-day MA of $53.67.

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 inside day candle bed bath & beyond

Ticker(s): BBBY