TK0421

BYND breaking out of wedge

Long
NASDAQ:BYND   BEYOND MEAT INC
BYND is breaking out of bulling falling wedge very impulsively.

Highest volume since November, 20202
Divergent low on indicators
Low level bullish crossover on PPO
Oversold reading on RSI
Successfully bouncing on the bottom of the descending channel (yellow line)

Above presented pretty objective long entry with stop right below the bottom of the channel.

Where does it go from here....?

Higher.

It is testing the resistance from the bottom. It may blast though it or pull back to the resistance and push up higher. If it does pull back to the support or breaking out of the resistance will present another objective places to add on to the position. Next few targets are posted. It may depend of where the market goes in general but the swing target is the top of the channel (purple line). It will depend on how it get there but if it gets there pretty quick, taking a profit or reversing to short would be a good option depending on the trading style and expectation.

Have a good trade!

T.
Comment: Pull back to the support listed above and seemed to be defending successfully so far.

Comments

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