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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 $22.03 and $22.64 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.

In the past 52 weeks, Bed Bath &Beyond share prices have been bracketed by a low of $19.07 and a high of $48.83 and closed yesterday at $22.29, 17% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.2% while the 200-day MA has slid 0.4%.

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.

Potential upside of 69.7% exists for Bed Bath &Beyond, based on a current level of $22.29 and analysts' average consensus 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.

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

Ticker(s): BBBY