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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish 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 $6.04 and $6.39 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. Owners of Bed Bath &Beyond may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Bed Bath &Beyond have traded between a low of $3.43 and a high of $17.79 and closed yesterday at $6.20, which is 81% above that low price. The 200-day and 50-day moving averages have moved 0.48% lower and 4.29% lower over the past week, respectively.

Bed Bath &Beyond has overhead space with shares priced $6.20, or 65.1% below the average consensus analyst price target of $17.77. Bed Bath &Beyond shares should encounter resistance at the 200-day moving average (MA) of $10.91 and support at the 50-day MA of $5.93.

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 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: bearish am inside day candle bed bath &beyond

Ticker(s): BBBY