Bearish DailyPlay for Wednesday March 1st, 2017 – Bed Bath & Beyond (BBBY)
The bearish DailyPlay we chose for Wednesday March 1st is Bed Bath & Beyond (BBBY). BBBY is part of the Consumer Discretionary Sector (XLY). Over the last month, XLY has experienced a 1.54% move higher and its 1m and 6m trend is bullish but recently bounced lower off its $87 resistance level.
Bed Bath & Beyond’s 1m and 6m trends turned today while bouncing lower off its $42 resistance level on high volume. With a technical score of 2 (out of 10), BBBY is a strong bearish stock that looks to continue lower.
As a stop loss, if BBBY was to trade above $42 for multiple days, this would invalidate our analysis and suggest getting out of the trade.