Bed Bath & Beyond Firms Up
Bed Bath & Beyond (BBBY) is moving well today. The home furnishing retailer is up more than 3.5% on what will be its heaviest upside trading since late June. This jump is putting some distance on a very heavy 200-day moving average as BBBY moves to fresh August highs. The healthy basing action the stock has been working through over the last eight weeks is beginning to look very supportive.
Two days after setting fresh 52-week highs, BBBY was hit with a selling wave. Solid first-quarter earnings could not overcome management's gloomy second-quarter outlook. The stock suffered a 16% flush on the news as downside volume spiked to its heaviest level since early 2008. BBBY ended the day well below its 200-day moving average, which has been a key support area since last summer. The momentum carried the stock lower over the next few sessions, but the 2012 lows, set back in February, remained intact. The shares reached an extremely oversold level during this flush. By the last few days of June, BBBY was beginning to base. ...222 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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