Bed Bath & Beyond Below Critical MA
InTheMoneyStocks.com | Jun 26, 2014 12:12PM ET
Shares of home-furnishing retailer Bed Bath & Beyond Inc. Bed Bath & Beyond Inc (NASDAQ:BBBY) are getting slammed lower after reporting lower-than-expected quarterly results. The popular retail stock is declining lower by $5.61 to $55.50 a share. Traders and investors should note that the stock is now trading below its important 50-week moving average. Anytime a stock falls below this critical moving average it is generally a sign of sharp institutional distribution.
Next Support
Traders will now have to look at the chart to find the next near-term support area for the stock. In December 2012, Bed Bath & Beyond traded as low as $54.33 before reversing and trading to new all time highs earlier this year. This tells us that the $54 area will be the next near-term-support level for the stock. If that support fails to hold, BBBY will have more support around the $48.35 level, which was a break-out point in 2011.
Just remember that past breakout points often serve as excellent support levels when retested.
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