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Look for Shares of Bed Bath & Beyond to Potentially Pullback after Yesterday's 1.26% Rise
Mar 06, 2013 (SmarTrend(R) News Watch via COMTEX) --
Bed Bath & Beyond (NASDAQ:BBBY) traded in a range yesterday that spanned from a low of $58.15 to a high of $58.97. Yesterday, the shares gained 1.3%, which took the trading range above the 3-day high of $58.19 on volume of 2.4 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Bed Bath & Beyond has traded in a range of $54.33 to $75.84 and is now at $58.83, 8% above that low. The 200-day and 50-day moving averages have moved 0.34% lower and 0.28% lower over the past week, respectively.
SmarTrend recommended that its subscribers protect gains by selling shares of Bed Bath & Beyond on September 21st, 2012 by issuing a Downtrend alert when the shares were trading at $62.18. Since that call, shares of Bed Bath & Beyond have fallen 6.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Write to Chip Brian at cbrian@mysmartrend.com
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