An update on BYND, a stock ive been watching. I have put out some ideas on it potentially bottoming out and this idea is an update on my previous thoughts.
This analysis is on the 3D chart
ALSO NOTE: Current 3D candle will close AUGUST 1st.
I've split my thoughts into Bullish/Bearish sections, Lets start with the GOOD NEWS first!
BULLISH THOUGHTS
Currently...
Today we will talk about Beyond meat!
There is a curious thing about this chart , and that's the dynamic support it has been working on since Jun 2020. We have been observing several contacts since that date, and it tends to respect it pretty well.
Alright, nice line, but what then? Okay, the idea here is either the price has already made contact with it or...
Technical analysis
First earnings report (June 7th, 2019), which made BYND go up around 35%+ and create a big gap.
This gap is starting to get filled on a downtrend.
RSI(10) @27 - Remember oversold can continue to be oversold for a long time.
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Fundamental
Impossible Foods, a direct competitor of Beyond Meat. Is selling burger to Burger...
