BYND - Signs of +(ve) Trend Reversal An update on BYND, a stock ive been watching. I have put out some ideas on it potentially bottoming out and this idea is an update on my previous thoughts.
This analysis is on the 3D chart
ALSO NOTE: Current 3D candle will close AUGUST 1st.
I've split my thoughts into Bullish/Bearish sections, Lets start with the GOOD NEWS first!
BULLISH THOUGHTS
Currently we have 5 candles above the MAJOR resistance line that formed June 2021. If you look at my previous charts, you'd notice that interacting with it, drove BYND down to its current prices.
THIS IS A VERY BIG ACHIEVEMENT in my opinion. Currently, indicating to me that we have attempted a trend change and have SUCCEEDED.
Which would also point to the idea that we have most likely BOTTOMED out.
HOWEVER, it is VITAL that we stay above this line and have it act as SUPPORT. There is a possibility of price moving down to touch the BLACK line, if it does we need to see how it reacts.
NOTICE also the BLUE Moving average, this is the 42 EMA which has converged exactly where the RESISTANCE turned SUPPORT line is, adding another layer of SUPPORT. This is good to see as well, with the current 3D candle forming a LOWER WICK. This shows buying pressure or power.
Notice also the GREEN Horizontal line, adding a 3rd layer of SUPPORT.
Lets now look at the RSI -> Notice how we've broken above the upper BLACK horizontal line and testing it as SUPPORT. It is crucial that it acts as SUPPORT and we stay above it. If so, BULLISH CONVERGENCE is at play, which could help us break through the RED RECTANGLE ZONE.
STOCH RSI -> Notice the curving occuring, indicated by green line. It would be great to see it curve and move back up above the 80 level. This would indicate bullish momentum coming back in. We don't want it to continue down.
MACD -> Notice how the size of the RED histograms have shrunk. This shows waning BEAR momentum. I would like to see more green bars print, bigger in size. Also notice the BLUE/ORANGE lines are now above the 0 level. This is a bullish sign, i would like to see it continue up and have more of a slope up as well.
BEARISH THOUGHTS
Notice the RED RECTANGLE ZONE and upper BLACK RESISTANCE line. We have been REJECTED from the RED ZONE and the BLACK line has helped to push us down.
We are also within a DESCENDING TRIANGLE, indicated by green horizontal line and BLACK RESISTANCE TREND LINE. These normally break to the downside. It could push our price below the MAJOR RESISTANCE LINE, taking us all the way down to the LOWEST BLACK LINE.
RSi is testing very important SUPPORT. We need to absolutely stay above for the BULLISH DIVERGENCE to play out.
STOCH RSI has crossed below the 80 level, which indicates bearish momentum. This could give the DESCENDING triangle "juice" to play out. Again, its crucial STOCH curves back up.
MACD, blue/orange line behavior doesnt look strong at the moment, in my opinion. I would like to see it slope up more and begin to move higher up. That momentum can be enough to push price up RED ZONE. WE absolutely do NOT want Orange line over the Blue cross, this would indicate downward pressure, could give DESCENDING TRIANGLE fuel to break down. We also don't want LIGHT GREEN HISTOGRAMS to print, as it also indicates LOSS of BULLISH momentum.
CONCLUSION:
BYND is ABOVE the MAJOR RESISTANCE, that played a huge part in pushing prices down. On top of that the 42 EMA is converging to add extra layer of SUPPORT. Until PROVEN OTHERWISE, we have SUCCESSFULLY completed a MAJOR TREND REVERSAL, and may have BOTTOMED OUT, in my opinion. In the days to come we have to stay above the 42 EMA (BLUE), and BLACK LINES, maintain above the BLACK HORIZONTAL line in RSI, stay above the 0 level on MACD and more. If things, continue to stay above, probability of getting above RED ZONE increases signficantly. However remember there is always a chance of the opposite occuring, trading is not a game of certainty, thats why it is important ot continuously observe the charts to look for new clues. Keep an eye on the PRICE ACTION staying above our SUPPORT zones, DESCNEDING TRIANGLE, STOCH RSI and other bearish signals.
TRADE IDEA:
DESCENDING TRIANGLE:
1. Break below = take a SHORT
2. break above the BLACK line, take a long
-> Approximating Target of upside or downside, measure the base (green line) to the upper part of black line, (remember this is an approximate target, it doesnt have to hit target exactly)
TESTING BLACK SUPPORT LINES
If you see price come back down, we will most likely test the BLACK LINES, which could be potential BUY ZONES
YELLOW SUPPORT LINE:
If we find our selves back here, this is MAJOR BUY ZONE, in my opinion.
You can even DOLLAR COST AVERAGE
STOP LOSS
"Below the MAJOR RESISTANCE LINE"
"Below 42 EMA"
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DISCLAIMER: I am NOT A FINANCIAL ADVISOR. This is by no means FINANCIAL ADVICE. Everything expressed is my opinion and for educational purposes. When trading always set your own strategies, focusing majority of time on risk management. Protect yourself with stop losses!
CHECK OUT MY PAST BYND IDEAS BELOW**********
Byndstock
BYND - bottoming out/ buy opportunityHi guys. So BYND is something ive been observing along with LMND and CVNA. WHich i believe these 3 have similar patterns, especially the BULLISH DIVERGENCE on large timeframes like the weekly.
This analysis of Beyond Meat is also on the WEEKLY. Im using the Weekly timeframe as i believe these stocks are good investments (holding for more than couple months) for this current bullish activity, which i believe is the beginning stages of a Bull run that will extend into 2024. Look for more info on upcoming ideas i post, as i will attempt to analyze MACRO stuff.
But anyway lets jump into BYND - Beyond Meat.
Keeping it simple. Ive outlined major levels on the Price Action.
White lines, Yellow Lines and Green Lines.
The 2 white lines are VERY IMPORTANT.
1. From bottom up, this 1st white line is showing a BULLISH DIVERGENCE when compared to my top 2 indicators (RSI and MACD). This is when the price action has a low, followed by a lower low. WHile indicators are printing higher lows (indicated by upward sloping white lines on the RSI and MACD).
2. The second white line, is this downward sloping Resistance line that depicts the bear move from BYND top price. We've have many interactions with this line but could not break above it and therefore it has pushed the price down to our current prices. Expect in upcoming days to weeks to test this white line again.
Remember the more times, price interacts with lines, the weaker the lines get so probabilities of breaking the white line are becoming more likely. Thats also why i believe BYND could have bottomed. And if we do break above this line, it will indicate trend change and probability of upside potential.
Yellow lines.
1. First one from bottom up, is major support level that was created Sept to december 2022. Last 3 weeks we've confirmed below it however, if you look on the MONTHLY timeframe, we have not yet confirmed below this line and are currently fighting to be above this. I see this as safe until proven otherwise. We are also currently on the weekly, trying to get above this line.
This also can mean we are forming or have formed a DOUBLE BOTTOM, which is a powerful bottoming pattern. Indicated by the 2 green curved lines.
2. Second yellow line from bottom up, is our next Resistance area.
# 3 and 4 from bottom up. Long ways to go till we reach these 2 yellow lines but just to give perspective. These are major major levels.
Green line
If we reach the green horizontal line, This is my 1st zone if it starts acting as support, where i say OKAY now we are ON and the next level would be the #3 yellow line. Things start to look GOOD here.
In relation to LMND and CVNA, which have played out. I believe Beyond meat will follow.
Especially if we close tomorrows candle above the 1st yellow horizontal line from bottom to top. I believe the bottom is and will be in.
INDICATORS:
1. RSI - Upsloping white line indicates BULLISH DIVERGENCE in relation to white line in Price action. Double bottom and having a DIVERGENCE is always a nice bottoming indicator. As my predictions for LMND were hit, i believe BYND will follow suit. Money is being made, itll move into these smaller cap plays.
WATCH the white horizontal resistance line. If RSI gets above this, the bullish divergence will start playing out and we will probably start breaking through yellow and green resistance lines drawn.
2. MACD - Histogram indicates stalling momentum but the lines indicate an uptrend of momentum, and convergence for the BULLISH DIVERGENCE.
2 indicators supporting the bullish divergence is better than 1.
3. Wave trend oscillator - Is showing a bottoming signal, though on this particular chart its not a great indicator due to false signals. I believe that along with double bottom possibly playing out, the Bullish divergence. This is current print is a psitive signal.
CONCLUSION:
Overall, BYND has been on a downtrend for 2 years now. Though that doesnt mean BYND can't go lower. ALong with Bullish Divergence showing in 2 indicators, a potential double bottom forming and volume picking up somewhat. I believe the worst has passed for BYND. The bottom is probable to be in. You can compare the movement of BYND to LMND in my post below or CVNA which has had a signficant move recently. In my opinion, this could be a nice area for buy or long entries.
If you liked what you read on this post, please do boost, follow and absolutely comment on what you thought or what you are thinking if you agree or disagree. Thank you.
DISCLAIMER:
The information posted in this idea is not financial advice, I am NOT a Financial advisor. This is my opinion only and for educational purposes. Please do take the time to think about strategies and to focus most of it on risk management. Never trade without stop losses. Thank you.
Not beyond all hope but beyond a lot of hope (BYND)Beyond Meat
Short Term
We look to Sell at 27.76 (stop at 29.59)
Further downside is expected and we prefer to set shorts in early trade. The medium term bias remains bearish. Previous resistance located at 28.50. There is scope for mild upward pressure at the open but we look for selling interest to resist gains.
Our profit targets will be 21.80 and 15.40
Resistance: 26.50 / 28.50 / 52.00
Support: 22.25 / 15.00 / 10.00
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BEYOND MEAT END GAMEDuring the next 2 months, the stock market will undergo a correction due to inflation fears. Beyond is a great company, however, this drive will cause the stock price to drop to the maximum possible retracement, .146 sitting at around ~$73/74. This is confluent to the bottom of the triangle.
The worst-case scenario is that we enter a bear market for some reason greater than inflation fears. If that happens then BYND will go to ~$33/34. Technicals Support this PT because the length of the head and shoulders along with the length of the rising wedge give the same number when we position the est trendline. BYND balance sheet isn't the best since they are consistently losing money.
The best-case scenario is we bounce from my target and retest the top of the triangle.
When the day comes where we break that triangle, I can see $1000 in a couple of years and $4000 by 2050.
BYND BEYOND MEAT INCHI guys! We are trading BYND in a bull channel where we reached the bottom, with a nice 2 bottom formation( bull sign). Histogram on MACD looking good. Volume is drying (bull sign). SMI on weekly time frame entering the green zone. I think it`s a great opportunity to buy the stock for a period of 2-3 months. Also, BYND have strong new collaborations that can influence the price action sooner or later in a bull run.
Beyond Meat has Retraced, Long From HereGood opportunity to long this from current price. It has retraced to 0.618 Fibonacci and filled the gap after spiking a couple of weeks ago. This is a market that is only going to grow and Beyond Meat are probably the biggest name in it. target is at least the all time high at 239.71.
Overreactions Lead To Opposite Reactions...A lesson in over-reactions to positive news in the market, and BYND is no stranger to that.
I would exit this if you're long as the risk-reward on this shorter term isn't worth it.
Often times these announcements will pump the stock so high up that it creates a gap in the charts.
The gaps often need to fill to create healthy price structure. It's not ALWAYS the case, but it tends to happen. Traders know it, and that's why it happens.
Other technical indicators are screaming overbought. Daily candle with along upper wick is normally bearish, as is being over 70 on the RSI and Stochastic RSI.
BYND at great position to keep the UPTRENDThe stock: NASDAQ:BYND , that only few months ago consider IPO, came to our life as a money maker after it makes 300% only by 30 days of trading.
Since then, this stock moved a lot, and I think its finnaly arrive to place we can try predict its futere according to the last movments.
As I see it now:
1. BEND moved twice to break the all time high, both of time Its come down perfectly according to FIbonaci, and started return up.
2. The last movment stoped near the 200 $ , witch is symbolic price, and I can defently see resistance there.
3 the stop price is very near to the current price, and we can also see that in the last few days the stock kept being above that support level.
For this trade, I would buy with half of the buing power I usually does,
after 10 percent of movment I will join the other half.
my take profit will be around 200$ , witch let me leave with almost 40% up.
Of course, trading this stock is by our own risk.
I am not responsiable for any lose that this stock can make you.
Keep trading well.
Beyond Meat ready for another run?Taco Bell said in a prepared statement that it expects to test Beyond Meat menu items in the next year. Taco Bell is owned by Yum Brands (YUM).
The Taco Bell agreement is the latest marquee partnership for Beyond Meat. On Nov. 9, fast-food giant McDonald's (MCD) announced it would begin offering McPlant menu items. (Source: investors.com)
The indicators are looking bullish once again on most timeframes.
Please leave me a message if you want to test the buy and sell indicators that i am using.