Bed Bath & Beyond (NASDAQ:BBBY) Has Lower To Go, Know This Level
Posted by Nicholas Santiago Wednesday, June 11, 2014, 11:41AM ET
Read 1231 times
This morning, most of the leading retail stocks are coming under selling pressure. One leading retail stock that looks to have more downside in the near term is Bed Bath & Beyond Inc (NASDAQ:BBBY). This stock topped out in January 2014 at $80.82 a share. Since that high peak the stock has plunged lower by $20.00 a share. Today, Bed Bath & Beyond Inc stock is trading lower by 0.73 cents to $60.55 a share. Traders should note that the stock is now trading below the important 50 and 200-day moving averages. This chart formation puts the stock in a weak technical position. Many traders and investors refuse to buy stocks when they trade below the 50-day moving average and this pattern is certainly putting pressure on the stock. Traders should now watch for important chart support around the $54.50 level. This was a level where the stock bottomed out in 2012, very often former support levels will once again be defended by the institutional money. This area is the best bet for an important low to be made in the stock.
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