Bed Bath and Beyond, BBBY a US NASDAQ stock, has been on my radar since last year as one I’ve been stalking for a bullish-reversal descending wedge breakout. The breakout triggered on January 11th 2019 and has been drifting sideways to higher since then. The stock has Earnings due out this week and so I’ll be watching to see if this helps the breakout at all.

NB: I am away and traveling until this Wednesday.

BBBY weekly: chart from prior to the breakout as the descending wedge was building; from back in August 2018:

BBBY weekly: chart from January 11th when the breakout triggered. Price at the breakout was $15.23:

Earnings: for BBBY is this Wednesday after market close:

BBBY monthly: the current monthly chart shows the bullish-reversal is in progress but rather slow for the moment. It is not unusual for stocks to take a while to bottom and turn after a lengthy period of decline:

BBBY weekly: the $20 S/R level looks to be one to navigate next:

BBBY weekly: any break and hold above $20 would bring other whole-number levels into focus. The 61.8% fib is roughly half way between $50 and $60 so maybe use $50 as the long-term for any continuation move:

BBBY weekly Cloud: the Ichimoku Cloud can be considered as a fluid resistance zone and price action has been below the Cloud since mid 2015. Any break and hold above this Cloud would be a rather bullish signal. Note how the top of the Cloud ties in near the $20 whole-number S/R level:

Summary: BBBY stock embarked on a bullish-reversal wedge breakout back in January 2019. Watch to see how this week’s Earnings impact the share price and whether the stock can break back above the weekly Ichimoku Cloud. The target for any new break and hold above the Ichimoku weekly Cloud would be $50.