Beyond meat is one of the best-preforming stocks this year, and will go into the history books of IPO´s. BYND is an alternative-to-meat company; in other words, they are in an incredibly growing market.
Their valuation is sky-high, but after the recent correction, there might be a trade opportunity. BYND has quadrupled since the same time last year. Still, BYND fell more than 25%, but after hitting support, it´s been slowly climbing, indicating a trend reversal.
If the reversal is confirmed, we have an upside of 40%, a stop-loss at 165$ would fix our losses at 6%.
Keep in mind; the valuation is still incredibly high, so we must treat this as a trade. Should our support break, there is no telling where the price bottoms out.