If looking at last year's POC of BYND, you can notice we have been oscillating above and below that $15 range since September 2022. BYND has been in this slightly sloping downward/sideways channel with the most recent low being the bottom of the value range, building a nice base for a move higher.
In recent days I've noticed some unusual options activity in a handful of highly shorted names and this is one of them.
Paired with bullish bets on these names with some sizeable money, overall indices this week finished on a strong close going into next week.
Above this $17.00 level on BYND is a volume gap where significantly less volume has traded as only 4 days moved it through this zone last year. These voids can sometimes fill rather quickly when price starts moving back through them. In conjunction with this, LBR MACD has a first cross which can be a long buying opportunity, with an RSI that has recently cooled off from overbought.
Today I opened a long BYND position. This is in anticipation that we test the upper part of the channel again as well as that $17 area, possibly getting into the gap. Mix in the fact that this stock has a float nearly 40% short, with earnings a month away; there could be a short squeeze over the next few weeks in this one.
Hello there I agree with bullish bias. Yeah your analysis is exactly what I am thinking. I am looking to buy and potentially take profit at 22.54, where the overlap resistance is. Please check out my idea here:
Cheesy-Bean_and_Rice-Burrito
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@desmondlzw I sold majority of the position, it already made the bulk of the projected move I was looking for. I'm holding a small amount now looking for around 22.50
JoeChampion
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Excellent idea Pal, keep us updated!
Chartguru1
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Yes yes. Give it time. The beast will awaken as will NKLA. Positive divergences in the longer time frame will soon create big-time profits. Kudos on ur analysis
Cheesy-Bean_and_Rice-Burrito
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@Chartguru1 Thank you, my timeline with this is 2-3 weeks because I won't hold this into earnings