BBBY Shares Reverse
Following an incredibly near-400% rally over the first two week of August, shares in struggling retailer Bed Bath & Beyond are almost back to where they started the month. The stock soared higher earlier this month as a result of a sudden return of the WallStreetBets trader community on Reddit. These retailer traders, which had fuelled similar volatility in company’s such as GameStop last year, returned in force and once again drove a short-lived rollercoaster ride in their chosen stock.
However, BBBY, which had been on the ropes ahead of the event, Is now seeing its stock price plunge once more. BBBY has been in financial trouble as a result of trading losses suffered over the course of the pandemic and while the company has reportedly secured a last-minute loan deal to help it continue operating near-term, its looking very unclear how much further the company has to go, especially given the current rout in stock prices.
Technical Views
BBBY
The rally into 30.18 faded just as quickly as it materialised. With price having sunk back beneath the 12.42 support level, the focus is now on a return to the 4.53 lows. Bulls need to see a break back above the 12.42 level to alleviate near-term bearishness. With momentum studies having flipped bearish again here, the focus stays on further downside for now.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.