This is just an observation: Beyond Meat (BYND) is breaking above its 4h EMA exp ribbon. It also just broke above its displaced daily EMA. These are two very bullish trend reversal signals. Regardless of fundamentals, these indicators are showing that there are no more sellers left and the trend may soon reverse. When everyone is still super negative about an asset, but the asset's chart shows that it is beginning to outperform the market, that's when you buy. Charts never lie. It is a fact that BYND has been outperforming the broader market since May making higher highs and higher lows. Now it's showing signs of an actual breakout. Only time will show if this will become a sustained breakout. Huge congrats to @Chartguru1 for calling the bottom on this several weeks back!
is there where u say u look for early breakout?but the rsi?
SpyMasterTrades
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@glecymarie, In part, yes. The main screen I use to find breakout is to compare the chart against SPY. Very few breakouts become sustained if the asset has been underperforming the broader market. Shorts will jump in on it if an asset tries to breakout but was an underperformer. So my first screen is side-by-side daily comparison to the SPY. I also use Chartmill screeners, and work with a friend on here who kindly shares watchlists of breakouts with me.
SpyMasterTrades
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@glecymarie, Also the RSI on the daily chart for BYND just went above 50. That's further confirmation of a breakout. I don't otherwise pay too much attention to RSI unless there is bearish divergence occurring on the higher time frames and it is overbought.
printermania
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I see! OK will see a good entry point at pullback! thanks!