Beyond the Broken Trendline
New interest in Beyond Meat is making the stock more viable
Beyond Meat (BYND), after recent downgrades, has shown indecisive trading through a series of dojis in the oversold condition. It then traded back up above the trendline. It can be bought above the $12.50 level, confirming the bullish sentiment illustrated by trading above the trendline. The first target should be back up to the major moving averages. The stop loss should be placed below the trendline at the $12 level. New interest is coming into the stock price with the anticipation that meat is going to remain relatively expensive, making Beyond Meat products more viable.
Stephen W. Bigalow, a veteran of 45 years of investing, directs a candlestick analysis learning forum at candlestickforum.com.
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