Hello Traders,
some new facts occur this week for BYND!
The stock missed my long term forecast target of $69.- share by making a low @$71.30 and bounced to the upside this week. Let`s check the stock`s behavior during this move.
Weekly:
Clear to observe is the fact, that a „bullish-Engulfing“ was developing this week. This is a bullish buy-signal and indicates 3-5 weeks of buying pressure, of advancing price for the stock as long as the low at $ 71.30 is valid! This is an important condition for this call!! Note this!
Two days chart:
This is the chart with a clear bullish message! We can observe two „bullish-Engulfing“ pattern and „three-white-soldiers“ formation! This pattern combined with the „bullish“-Engulfing on the weekly chart carries a clear message in itself! Advancing price for the next 3-5 weeks, as long as the low at $71.39 is valid!
Daily view:
Here is a „double-morning-star“ formation to observe! One more fact and candlestick pattern which is bullish.
All this fact`s combined make it less valid, that one more low is next to expect.
But, as always. We have an alternate count at the pocket.
Trading below the area of $109.87 makes the odds possible, that a wave „4“ is underway and carries the price to the 0.382 Fibonacci even at this level. And after achieved this area a fresh new low below $71.30 is next to occur. But this is a scenario I did not expect! But possible still! Note this!
So, as always. Be prepared for the unexpected.
Have a great weekend...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
some new facts occur this week for BYND!
The stock missed my long term forecast target of $69.- share by making a low @$71.30 and bounced to the upside this week. Let`s check the stock`s behavior during this move.
Weekly:
Two days chart:
Daily view:
All this fact`s combined make it less valid, that one more low is next to expect.
But, as always. We have an alternate count at the pocket.
Trading below the area of $109.87 makes the odds possible, that a wave „4“ is underway and carries the price to the 0.382 Fibonacci even at this level. And after achieved this area a fresh new low below $71.30 is next to occur. But this is a scenario I did not expect! But possible still! Note this!
So, as always. Be prepared for the unexpected.
Have a great weekend...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!