BYND supported by bullish trendline, short squeeze is imminent
1) Uptrend is supported by bullish trend line. If the trend line is maintained, expect the price to be $182 minimum by 7/19/2019.
2) $159 resistance was broken at market open 7/10/2019. Next major resistance point seems to be at $165.
3) Higher stock price and increasing borrow rates is causing a short squeeze which can skyrocket the stock to ~$220.
Credit to u/MikeThePutz on reddit for the following information: S3 is reporting that: "BYND short interest is $885 mm; 5.61 mm shares shorted; 47.88% of float; 142% borrow fee & new borrows at over 300% fee. There is very little left to borrow & recalls are still hitting the street." Additionally, his calls to brokers have revealed increasing borrow rates which are key to triggering a massive short squeeze: "In my calls to brokers I have found borrow rates creeping up from 106% on Friday, to 126% on Monday to 153% yesterday (with a range of 106-197% yesterday)."
2) $159 resistance was broken at market open 7/10/2019. Next major resistance point seems to be at $165.
3) Higher stock price and increasing borrow rates is causing a short squeeze which can skyrocket the stock to ~$220.
Credit to u/MikeThePutz on reddit for the following information: S3 is reporting that: "BYND short interest is $885 mm; 5.61 mm shares shorted; 47.88% of float; 142% borrow fee & new borrows at over 300% fee. There is very little left to borrow & recalls are still hitting the street." Additionally, his calls to brokers have revealed increasing borrow rates which are key to triggering a massive short squeeze: "In my calls to brokers I have found borrow rates creeping up from 106% on Friday, to 126% on Monday to 153% yesterday (with a range of 106-197% yesterday)."
Comment:
Huge drop today as people took profits. It does not affect the modest price target of $182 by 7/19.