tradersmentality

BYND Buy Climax - Bull Profit Taking

NASDAQ:BYND   BEYOND MEAT INC
BYND broke out to a new all time high last week and tested above the 200 level where there was profit taking. Last week became a buy climax and prices are currently testing below the bottom of the climax. When a climax forms, prices often correct in two legs sideways to down (or up with a sell climax). However, there is still an open bull gap around 163. If this week closes on its low for a two bar reversal the gap will likely be filled and the bears will get two legs sideways to down before the bulls will look to re-establish longs, and a broader bull channel forms. The next obvious support level is the 120 large open bull gap. If instead prices continue to rally into the close of the week tomorrow, bulls will likely look to take profits around last weeks close.

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