Jim Cramer was asked about Bed Bath & Beyond (BBBY) during Monday night's Mad Money Lightning Round. "I'd buy (BBBY)" replied Cramer.
We looked at BBBY back on Oct. 29. We said then that "The shares have traveled a long way from the white-knuckle low of early April. Prices need to regroup and establish a new higher-level base to eventually launch another uptrend. Be patient and wait for a new base to form."
Let's check out the charts again.
In the updated chart of BBBY, below, we can see that the shares declined in late October and made a low in November. Prices bounced into late November and then retested the November low to make a potential double bottom. BBBY is trading below the cresting 50-day moving average line but above the rising 200-day moving average line.