Sunday, June 24, 2007

BBBY Analysis for 06.24.2007

Monthly chart shows the move up into the high of $46.99 to be corrective in nature. Thus far, we have a LH into the .786 fib level, where sellers came out.

Weekly chart shows price closing for the week below all moving averages. Possible 5 waves up into $43.82 high off the $30.92 low. IF we have 5 waves up, THEN look for retracement to the .618 fib level and lower, to test the $30.92 low (and lower).

The daily chart shows weakness, as twice, the bears gapped price down at the open. Currently price has closed below all moving averages. Look for increased activity next week, with earnings report due Wednesday the 27th.

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