Jim Cramer told his Mad Money viewers Friday night that a company he would be watching on Wednesday was Bed Bath & Beyond (BBBY) , the meme stock that continues to turn around its operations. Let's check out the charts and indicators before the company reports earnings on Wednesday.
Our last check of the charts was on May 6 where we wrote that "The fundamental story may sound positive but the technical story suggests BBBY can weaken further in the days ahead. Stand aside for now." 
In this daily bar chart of BBBY, below, we can see that prices drifted sideways after our May review and then surged higher in late May and early June. Similar to the surge up in January the rally was quickly retraced. Prices have managed to stay above the rising 50-day and 200-day moving averages but that may not last.
The On-Balance-Volume (OBV) line shows a positive trend but it has been from step ups and not a smooth affair. The Moving Average Convergence Divergence (MACD) oscillator is just slightly above the zero line.
In this weekly Japanese candlestick chart of BBBY, below, we can see a mixed picture. Prices have made three big pushes higher in the past year but the last push up did not go to a new high telling us that the power of the uptrend may have peaked.
Prices are above the rising 40-week moving average line but not by much. The weekly OBV is positive but the MACD oscillator is pointed down.
In this daily Point and figure chart of BBBY, below, we can see an upside price target of $40 or so.
In this weekly Point and Figure chart of BBBY, below, we can see a tentative $86 price target.
Bottom line strategy: The charts of BBBY are bullish but I have trouble recommending the long side because the rallies evaporate so quickly. There are plenty of other promising looking stocks out there that I have more confidence in buying.
