The technical picture of the Bed Beth & Beyond Inc. stock (NASDAQ: BBBY) on our daily chart shows that, in the beginning of November, the share price managed to move above a medium-term tentative downside resistance line drawn from the high of June 2nd. That said, the stock is currently struggling to move further north, as it is getting held by the 24.63 barrier, marked by the current highest point of November. In order to shift our attention to some higher areas, we prefer to wait for a push above that barrier.
If, eventually, that rise happens, this will confirm a forthcoming higher high, possibly clearing the way towards upper areas. We will then aim for the 25.76 obstacle, or even for the 28.15 zone, marked by the highest point of September, where a temporary hold-up might occur. If the buyers remain active, they could drag the stock further up, potentially aiming for the 30.06 level. That level has been a strong area of resistance from the end of July till the end of August.
The RSI and the MACD are currently flat. However, the RSI remains above 50 and the MACD, despite coinciding with the trigger line, continues to run above zero. Both oscillators still show positive price momentum, which supports the idea discussed above.
Alternatively, if BBBY drops all the way back below the 18.65 hurdle, marked by the low of November 5th, some buyers might get spooked, and the stock may drift lower. The share price could then fall to the 16.80 obstacle, or even to the 13.40 area, marked by the lowest point of October.
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