BYND got grounded today, but it creates buying opportunity!BYND got slammed by more than 7% at the start of the week before the new year. But this may give us some space for fresh air and possible buying opportunity. The overall sentiment of markets is positive since President Donald Trump signed the coronavirus relief and government funding bill. The vaccine is rolling out and hopefully, this crisis will soon come to end. Also, markets were down a bit last week and it´s time to even out the losses!
I can see a potential Head´n´Shoulders pattern forming just before creating a second shoulder. My view is that after today´s drop the buy around the price of $123 – $126 is reasonable. I personally believe that bulls will put up a fight. Just in case, place Stop Loss just below the minor psychological level of $109. If the price will go north, I expect to withdraw from my position at a price of around $160 – $165. This could happen before March 2021.
After reaching $160 my future position will depend on market and company earnings in March.
Thank you for reading, and I wish you a happy new year
