Beyond Meat is breaking out of a Bull Flag and is at the bullish 50 & 200 day ema crossover point. If the price can break through and stay above the strong 170 resistance area for a couple weeks this could confirm a bullish long term trend. Although there needs to be a considerable increase in volume to make this happen.
Watch out for a "Fakeout" above resistance which could have high volatility like on Jan 26th
A covered straddle option strategy is useful in a scenario like this when the price could move up or down quickly.
The RSI is looking weak, the price could move down after getting rejected at a resistance point and remain in the pennant shape for many more months until it makes its major move out.
Make sure to be aware of the overall market conditions while trading and avoid over leveraging in risky setups.
Been holding it from $100 I sold mine yesterday at $157, it’s at $153 right now I could repurchase but idk, reward seems to be lower than risk now.
tylerwitucki
⋅
@eversanchez, Nice Trade! It's a good idea to secure profit at risky levels, and possibility buy the dip if the trade still looks good.
mommymiles
⋅
the recent "breakout" didn't make it to $170. the deep pullback to $125 has me watching. i see the asymmetrical triangle too.
tylerwitucki
⋅
@mommymiles,Yes, The volume and momentum was too weak and quickly broke through major support levels, but the mentioned option strategy would have worked. The market as a whole is dragging which makes bullish breakouts less likely.
It is at another major support level around 125, so some consolidation and spikes may occur, however “Barbed Wire” pattern activity can be the riskiest trading point in the cycle and is usually avoided because of how unpredictable it is