Chart of the Day: Beyond Meat (BYND)

Beyond Meat (BYND) engages in the provision of plant-based meats. Its products include ready-to-cook meat under the brands The Beyond Burger and Beyond Sausage; and frozen meat namely Beyond Chicken Strips and Beyond Beef Crumbles.

Take a look at the 1-year chart of Beyond Meat (BYND) below with added notations…

After declining into March, BYND rallied up to hit a high around $162.5 in June, but then the stock sold off again. Once BYND bottomed at $120, the stock rallied back up to the $162.5 resistance (red), pulled back from it, then turned higher and broke through. This should mean higher prices for BYND.

After forming a cup, BYND has broken its resistance. A long trade could be entered near the $162.5 area with a stop placed under it. A failure to hold that mark could mean lower prices will follow instead.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade.  Capital preservation is always key!

Good luck!

Christian Tharp, CMT