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

By Amy Schwartz

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. Today's price range of $6.14 and $6.39 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. 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.

Potential upside of 186.4% exists for Bed Bath &Beyond, based on a current level of $6.21 and analysts' average consensus price target of $17.77. Bed Bath &Beyond shares should encounter resistance at the 200-day moving average (MA) of $10.93 and support at the 50-day MA of $6.02.

Over the past year, Bed Bath &Beyond has traded in a range of $3.43 to $17.79 and is now at $6.21, 81% above that low. The 200-day and 50-day moving averages have moved 0.98% lower and 8.26% 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 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 inside day candle bed bath &beyond

Ticker(s): BBBY