BYND - Chart and technicals
Beyond Meat - a volatile stock that can quickly move one way or the other based on public sentiment or news. A stock like this typically trades very well based on technicals in periods where news or sentiment changes are not prevalent.
Technically: The stock is coming out of a recent bull flag to the downside, so momentum is still pushing the stock down. It closed today (6.12.2020) just under recent resistance, but just above a long term support (there is also a second support that shows up on the 4 hour candle, but I don't much care for it). There is also a short term uptrend over the past 3 weeks keeping the stock afloat.
Predictions: I think on Monday (6/15) we have three scenarios.
1). We see a gap above the overhead resistance with room to run up to where the bottom of the bull flag was tested as resistance (~$155).
2). We see a gap below the recent upwards trendline and then BYND will follow the overall market to bounce off of the support at $141 and trade a bit sideways.
3). We see a stronger gap down (with overall market fear) below the recent upwards trendline and then BYND will break support at $141 and trade towards support at $130 over the next couple of days.
But I don't know anything and am legitimately bad at this. Don't follow my advice, trade at your own risk. (I personally think we see option 3, but I am pretty bearishly biased, also these are short term plays; 1-2 weeks.)
Technically: The stock is coming out of a recent bull flag to the downside, so momentum is still pushing the stock down. It closed today (6.12.2020) just under recent resistance, but just above a long term support (there is also a second support that shows up on the 4 hour candle, but I don't much care for it). There is also a short term uptrend over the past 3 weeks keeping the stock afloat.
Predictions: I think on Monday (6/15) we have three scenarios.
1). We see a gap above the overhead resistance with room to run up to where the bottom of the bull flag was tested as resistance (~$155).
2). We see a gap below the recent upwards trendline and then BYND will follow the overall market to bounce off of the support at $141 and trade a bit sideways.
3). We see a stronger gap down (with overall market fear) below the recent upwards trendline and then BYND will break support at $141 and trade towards support at $130 over the next couple of days.
But I don't know anything and am legitimately bad at this. Don't follow my advice, trade at your own risk. (I personally think we see option 3, but I am pretty bearishly biased, also these are short term plays; 1-2 weeks.)
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