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Bed Bath and Beyond (BBBY) Bearish Breakout

Bed Bath and Beyond $BBBY might be turning bearish after the choppy bull run since December 2018. Price was just below $11 at the end of the year before rallying sharply to start the new year. It then became choppy as we can see on the daily chart, but still pushed to around $19.55 before the recent slide.

BBBY Daily Chart

(click to enlarge)

Bearish Continuation Breakout:
- As we can see on the daily chart, price has just broken below the cluster of moving averages (200-, 100-, and 50-day) as well as a rising trendline support.
- This breakout first opens up the $13.50 support pivot and March low.
- A more aggressive bearish outlook, which would be aligned with the 2018 bearish trend would ave the $10.50-$11 area in sight.
- In fact, when we look at the weekly chart, we can see that the overall structure is still bearish with price trading well below the 200-week simple moving average (SMA), and now below the 100-week and 50-week SMAs as well.
- Finally, we can see that the RSI failed to push above 60, which is a sign that the prevailing bearish momentum is still in play. 
- BBBY is a name I will be staying away from.

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