BBBY closes below its opening price unable to hold early session gains
Bed Bath & Beyond Inc. (BBBY) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
BBBY finished the week 15.72% higher at 6.70 after losing $0.10 (-1.47%) today, strongly underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Trading $0.30 higher after the open, Bed Bath was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on May 6th, BBBY actually gained 2.48% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (BBBY as at May 22, 2020):
Friday's trading range has been $0.54 (7.92%), that's slightly below the last trading month's daily average range of $0.60. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for BBBY.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Further buying could move prices higher should the market test April's close-by high at 7.69.