Hello Traders,
BYND (Beyond Meat) has been the sky-rocketing stock at the press, the „non-meat-burger“ company. It set a high at 239.71 US$ and declined to a low @ 71.30, which is just shy above the area of 68.85-68-37, my long term stated price target. The latter one is the 0.88 Fibonacci, which is well below the minimum expectation for a flat pattern. The former is were wave „c“=“a“!
So, in my view a strong support level. May it could be that the low at 71.30 was all of the declines, may not. Overall I label the move as an A-B and C (up) to follow, because of the deep retracement. It could be, of course, a wave „1“ a wave „2“, which is ending or has ended and so a wave „3“ to follow next!
In either way, the low of $45.- is the long hand level to watch, because any decline below this level would eliminate the bullish view.
So, I will wait for a clear „five-up“ in the coming time to judge, that the bottom has been reached! A negative press and negative news for the stock will support my bullish. An exhausting gap would be also pretty nice.
Interesting to watch is the fact, that at yesterday`s session the correction took the 1.618 times, Fibonacci in as it lasted for the possible wave A/1. So, it is possible that from this perspective, the correction has come to an end or is close to doing so.
A decline below $61.60 on a closing basis will turn my stand neutral and opens the door to the low at $45.-!
On the other hand, an advance above the level of 82.08 (closing basis) will be the first hint for a possible gap close at 105.41-82.96!
I will update the chart in the coming hours and days.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
BYND (Beyond Meat) has been the sky-rocketing stock at the press, the „non-meat-burger“ company. It set a high at 239.71 US$ and declined to a low @ 71.30, which is just shy above the area of 68.85-68-37, my long term stated price target. The latter one is the 0.88 Fibonacci, which is well below the minimum expectation for a flat pattern. The former is were wave „c“=“a“!
So, in my view a strong support level. May it could be that the low at 71.30 was all of the declines, may not. Overall I label the move as an A-B and C (up) to follow, because of the deep retracement. It could be, of course, a wave „1“ a wave „2“, which is ending or has ended and so a wave „3“ to follow next!
In either way, the low of $45.- is the long hand level to watch, because any decline below this level would eliminate the bullish view.
So, I will wait for a clear „five-up“ in the coming time to judge, that the bottom has been reached! A negative press and negative news for the stock will support my bullish. An exhausting gap would be also pretty nice.
Interesting to watch is the fact, that at yesterday`s session the correction took the 1.618 times, Fibonacci in as it lasted for the possible wave A/1. So, it is possible that from this perspective, the correction has come to an end or is close to doing so.
A decline below $61.60 on a closing basis will turn my stand neutral and opens the door to the low at $45.-!
On the other hand, an advance above the level of 82.08 (closing basis) will be the first hint for a possible gap close at 105.41-82.96!
I will update the chart in the coming hours and days.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!