ruebennase

BYND (Beyond meat)...Corrective move up?

NASDAQ:BYND   BEYOND MEAT INC
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Hello Traders,
Beyond Meat--> the hype to that product the company is selling and also producing is amazing!
Also in Germany, it starts to increase in demand and supply. But what tells us the chart.
Here is my view. Let`s go.
Since the first day of trading, BYND increases a phenomenal percentage and it is on the way, to become a „ten-bagger“! We can observe at chart all the characteristics of an impulsive move, including a gap-up with a break out of a trend channel and increasing volume .
The pullback from the ATH touched the uprising trend channel and reverse thereafter quickly, but note the decreasing volume since.
The pattern since the high looks to me corrective, so I think the correction is not done for short term.
From a sentiment perspective to watch is that mainly all investors are „in“ that stock what opens the question, „who will buy anymore“?
We have two gap`s left open at chart. The last one downward from 168.26-134.18 (closing price) and the second from99.81-125.81 (closing price)! May expect the last gap to close and possibly a new ATH , which will make the overall count by a no of nine, which is impulsive.
On the other hand, any decline below 120.99 will open the door for a gap close to 99.81.
The alternate view is, that the overall move is impulsive and BYND is on the way to new ATH`s.

Have a great Sunday....
ruebennase

Feel free to ask or comment.    
Trading this analyze is at your own risk!  
so you think we are headed to close lower gap first now then the upper one?
Reply
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