Pumping the Air Brakes on BYND and Carving the bottom
STOCK ANALYSIS FOR
BYND
Buy Zone trending line upwards from $11-$15
Indicators used
* 195 MINUTE TIME INTERVAL (This is HALF THE SESSION TIME, VERY VALUABLE TO KNOW)
* ZIG ZAG (ABSOLUTELY SIMPLE BUT AMAZING INDICATOR TO INDICATE AND ESTABLISH TREND)
* DIRECTIONAL BIAS (VERY AMAZING INDICATOR)
During the falling knife phase, the directional bias indicator was clearly showing it was a NO BUY. You can see that the buyers starting to step in and
* the mid-November pump from 11.30 to 16 was a SIGN indicating that BYND selling pressure was being absorbed at these levels.
* Chart wise, there will be a clear bottom line that is being carved out, but its worth staying in.
* The macro SPY / Rates / Economy issue is affecting this stock, but I have confidence that despite lowered job numbers in the future in the incoming recession,
BEYOND will continue to be a consumer staple because of the quality and innovation in what they do and the partnerships.
* They are partnered with Taco Bell, Pepsi, McDonalds, Carls Jr
* They have an insanely good beef jerky product
BYND
Buy Zone trending line upwards from $11-$15
Indicators used
* 195 MINUTE TIME INTERVAL (This is HALF THE SESSION TIME, VERY VALUABLE TO KNOW)
* ZIG ZAG (ABSOLUTELY SIMPLE BUT AMAZING INDICATOR TO INDICATE AND ESTABLISH TREND)
* DIRECTIONAL BIAS (VERY AMAZING INDICATOR)
During the falling knife phase, the directional bias indicator was clearly showing it was a NO BUY. You can see that the buyers starting to step in and
* the mid-November pump from 11.30 to 16 was a SIGN indicating that BYND selling pressure was being absorbed at these levels.
* Chart wise, there will be a clear bottom line that is being carved out, but its worth staying in.
* The macro SPY / Rates / Economy issue is affecting this stock, but I have confidence that despite lowered job numbers in the future in the incoming recession,
BEYOND will continue to be a consumer staple because of the quality and innovation in what they do and the partnerships.
* They are partnered with Taco Bell, Pepsi, McDonalds, Carls Jr
* They have an insanely good beef jerky product
Trade active:
As trader @neanderMoon has pointed out, Diamond pattern, in the bullish formation. Notice that we can't get a clean diamond, so we shouldn't expect a clean movement breakout.
a pick up at the lower $14 retest and stop loss below $12 and consider DCA even at the current prices
Trade closed manually:
Failure on the breakout. Trade closed. Good luck.