The technical picture of the Beyond Meat Inc. (NASDAQ: BYND) stock on our 4-hour chart shows that the share price broke through a short-term tentative downside resistance line, drawn from the high of April 27th, and is also now trading above a short-term tentative upside line, taken from the low of May 24th. As long as the stock continues to balance above that upside line, we will stay positive.
A push further north, above the high of May 17th, at 28.48, could attract more buyers to join in, potentially sending BYND towards the 31.88 zone, marked by the high of May 13th. Initially, the stock might stall for a bit, or even retrace back down from there. However, if the share price continues to trade above the aforementioned upside line, we could see more upside. BYND may rise to the 31.88 obstacle again, a break of which might set the stage for an extension to the 35.42 level, which is the low of April 27th.
The RSI and the MACD are pointing slightly to the upside. However, the RSI is above 50, but the MACD is still fractionally below zero, while running above the signal line. The RSI shows positive price momentum, supporting the above-discussed scenario. We are still waiting for the MACD to jump above zero, in order to fully support the move towards higher areas.
Alternatively, if the stock breaks the aforementioned upside line, that may clear up the way towards lower areas, as some buyers might get spooked. BYND could then drift to the 25.57 hurdle, or even to the 22.21 zone, marked by the low of May 24th. If the slide continues, the next possible target could be at 20.92, which is the current lowest point of May, reached on the 12th of the month.
Disclaimer:
The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. The Group of Companies of JFD, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD prohibits the duplication or publication without explicit approval.
There are risks involved with trading of cash equities. Past performance is not indicative of future results. You should consider whether you can tolerate such losses before trading. Please read the full Risk Disclosure.
Copyright 2022 JFD Group Ltd.