BBBY closes higher for the 4th day in a row

Bed Bath & Beyond (BBBY) Technical Analysis Report for May 17, 2018

Highlights

BBBY closes higher for the 4th day in a row
BBBY ends the day on a bullish note closing near the high of the day
BBBY runs into sellers again around 17.93
BBBY rises to highest close since April 27th
BBBY closes within previous day's range

TQ Sentiment

Report Sentiment: 42% Bullish
Technical Forecast:

Overview

Moving higher for the 4th day in a row, BBBY finished Thursday at 17.85 gaining $0.25 (1.42%) on low volume. Today's closing price of 17.85 marks the highest close since April 27th. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for BBBY

Volatility

Thursday's trading range was $0.42 (2.39%), that's slightly below last trading month's daily average range of $0.50. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being way below average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. Regardless of a weak opening the share managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

After having been unable to move above 17.88 in the previous session, the stock ran into sellers again around the same price level today, failing to move higher than 17.93.

Trend

While Bed Bath is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Bed Bath & Beyond

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