Full Analysis on BYND with relevant levels for swing tradersToday we will take a look at Beyond Meat Inc.
The main things we can see on the chart are:
a) Clear support level working since May 2020
b) Corrective Pattern being supported on the mentioned level.
c) Every time in the past the price was there had a strong bounce towards the ascending white trendline, which we can consider a dynamic resistance level
d) In this case, we think our view is activated if the price reaches the green horizontal line. If that happens, we will define our invalidation level where you can see the red horizontal line
e) Let's talk about targets. Our final target, as you can see, is the previous ATH. However, we have some levels in the middle that we should consider. The Minor Resistance Level 1 will work as the first place where we will move our stop loss to Break-Even. After that, we won't do anything until the price reaches our desired target or hits our entry-level again.
f) What happens If the price never reaches the entry-level? - We will cancel our view if the price reaches the invalidation level; otherwise, we will keep waiting until one of those two levels is reached.
g) Risk: We will be using 1% risk of our capital on the stop loss.
Thanks for reading, guys! Remember: PROTECT your hard earn capital.
