BYND run up is long over.
1. Bearish Divergence on RSI shows end of the trend and a loss of momentum into a dragonfly doji candle(signals indecision and trend reversal). This was the official start of the new bear trend.
2. Massively declining volume shows that the hype is over. Rallies built on low volume are fake outs (Bull traps)
3. 4 Gravestones dojis in a row that ends up breaking through 21 daily EMA. 21 EMA is a momentum support line and once broken, is a possible sign of the end of the momentum.
4. Kiss of Death. After breaking 21 EMA, shows the kiss of death, which is then followed by a bear flag and another dump.
5. Market newbs and bag holders buy the dip and are suckered into a failed rally (bull trap)
6. Second, even weaker bull trap appears and fails to hold above 21 EMA.
7. Another dump after failing to make a new local high with a weaker bull trap.
BYND has much more downside potential. Price target for a possible bounce and end of the bear trend is at the GAP TO FILL. Possible buy in at 108$. This stock had a bubble pop and will not be making new highs anytime soon. Not this year and probably not next year.
1. Bearish Divergence on RSI shows end of the trend and a loss of momentum into a dragonfly doji candle(signals indecision and trend reversal). This was the official start of the new bear trend.
2. Massively declining volume shows that the hype is over. Rallies built on low volume are fake outs (Bull traps)
3. 4 Gravestones dojis in a row that ends up breaking through 21 daily EMA. 21 EMA is a momentum support line and once broken, is a possible sign of the end of the momentum.
4. Kiss of Death. After breaking 21 EMA, shows the kiss of death, which is then followed by a bear flag and another dump.
5. Market newbs and bag holders buy the dip and are suckered into a failed rally (bull trap)
6. Second, even weaker bull trap appears and fails to hold above 21 EMA.
7. Another dump after failing to make a new local high with a weaker bull trap.
BYND has much more downside potential. Price target for a possible bounce and end of the bear trend is at the GAP TO FILL. Possible buy in at 108$. This stock had a bubble pop and will not be making new highs anytime soon. Not this year and probably not next year.