BYND topped yesterday following an impressive comeback from the November - December lows, which gave a strong bullish signal as the RSI was on a Bullish Divergence. This turned 1D extremely overbought (RSI = 85.585) and it was only natural to see investors booking profits first chance they got, and that was near the 137.00 Symmetrical Resistance.
With the rest of the technical indicators pointing towards a healthy uptrend (MACD = 6.860, ADX = 32.540, Highs/Lows = 29.3471) the trend seems sustainable. Investors however should first see a clear new low (higher low) before re-entering. By our projections this will most likely be 97.50 - 91.00 Symmetrical Support Zone. 108.00 is also a candidate (but a weaker one) so tight SL is needed there. Medium term TP Zone: 160.00 - 172.00.
~~~ Our last Buy Call on Beyond Meat:
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With the rest of the technical indicators pointing towards a healthy uptrend (MACD = 6.860, ADX = 32.540, Highs/Lows = 29.3471) the trend seems sustainable. Investors however should first see a clear new low (higher low) before re-entering. By our projections this will most likely be 97.50 - 91.00 Symmetrical Support Zone. 108.00 is also a candidate (but a weaker one) so tight SL is needed there. Medium term TP Zone: 160.00 - 172.00.
~~~ Our last Buy Call on Beyond Meat:
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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www.investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial