Hi Guys! This is a Technical Analysis on Beyond Meat (BYND) on the 3 Day Timeframe.
Ive been following BYND for a long time, trying my best to scope out a BOTTOM. This is an UPDATE to my ongoing analysis. So check out my other charts below for more context.
**Note: Our Current Candle has just begun today 08/14/23 and will close on 08/17/23
We were doing well until we got rejected by the MAJOR RESISTANCE ZONE (Red zone)
Even after we got rejected we did well staying ABOVE the 50 SMA.
But we were not able to sustain SUPPORT and fell through.
We also broke back down below the MAJOR RESISTANCE Trendline from June 2021.
Until proven otherwise, the breakout ABOVE this trendline is now a FAKEOUT.
It is absolutely CRUCIAL we get ABOVE this TRENDLINE this WEEK to continue our Trend change attempt.
And also get back above and confirm SUPPORT on 50 SMA.
The Longer we stay below the chance of further PRICE DECLINE is more PROBABLE.
This can be a Good and Bad thing. Bad especially for those who have bought BYND at higher prices.
But very good in the sense that it would create a sense of no return. This can lead to a necessary capitulatory event where people basically give up, laying the foundation for prices to finally start increasing.
The next levels to watch are the labeled SUPPORT areas:
1. RED Support TrendLine
2. Black Resistance tuned SUPPORT trendline
3. MOST IMPORTANT -> Horizontal Support line labeled MAJOR SUPPORT
4. Last defence = Dashed Red Support Line
-> If we do break & CONFIRM below the RED Dashed line, this would be the Capitulation event where everyone gives up. COuld be a potential scenario to go LONG.
It also would, provided the indicators match/support the pattern, STRENGTHEN the BULLISH DIVERGENCE thats forming. (For more info on the DIVERGENC, look at my previous charts on BYND BELOW)
Now with our Indicators, there are clues in the history that indicate and support further turmoil.
Notice our STOCH RSI
We are currently in a BEARish move down to 20 level.
The last 2 times we reached here, we stayed below the 20 level for 59 days and 56 days.
This caused prices to drop significantly.
We would need to have a quick BULLISH cross and move back upwards or not stay below for extended period of time.
Along with the STOCH RSI, pattern in the RSI when found in correlation with identified pattern in STOCH RSI supports the PRICE DECLINES.
-> The pattern is when the Orange RSI line crosses below the BLACK line and stays below for extended periods can hint at price DECLINES.
Stay level headed, wait till the end of the Week for Clarity. There is always a chance we get back above and continue upwards.
__________________________________________________________________________________
Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again.
Stay tuned for more updates on BYND in the near future.
If you have any questions, do reach out. Thank you again.
DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. Do not use my ideas for the basis of your trading strategy, make sure to work out your own strategy and when trading always spend majority of your time on risk management strategy.
Ive been following BYND for a long time, trying my best to scope out a BOTTOM. This is an UPDATE to my ongoing analysis. So check out my other charts below for more context.
**Note: Our Current Candle has just begun today 08/14/23 and will close on 08/17/23
We were doing well until we got rejected by the MAJOR RESISTANCE ZONE (Red zone)
Even after we got rejected we did well staying ABOVE the 50 SMA.
But we were not able to sustain SUPPORT and fell through.
We also broke back down below the MAJOR RESISTANCE Trendline from June 2021.
Until proven otherwise, the breakout ABOVE this trendline is now a FAKEOUT.
It is absolutely CRUCIAL we get ABOVE this TRENDLINE this WEEK to continue our Trend change attempt.
And also get back above and confirm SUPPORT on 50 SMA.
The Longer we stay below the chance of further PRICE DECLINE is more PROBABLE.
This can be a Good and Bad thing. Bad especially for those who have bought BYND at higher prices.
But very good in the sense that it would create a sense of no return. This can lead to a necessary capitulatory event where people basically give up, laying the foundation for prices to finally start increasing.
The next levels to watch are the labeled SUPPORT areas:
1. RED Support TrendLine
2. Black Resistance tuned SUPPORT trendline
3. MOST IMPORTANT -> Horizontal Support line labeled MAJOR SUPPORT
4. Last defence = Dashed Red Support Line
-> If we do break & CONFIRM below the RED Dashed line, this would be the Capitulation event where everyone gives up. COuld be a potential scenario to go LONG.
It also would, provided the indicators match/support the pattern, STRENGTHEN the BULLISH DIVERGENCE thats forming. (For more info on the DIVERGENC, look at my previous charts on BYND BELOW)
Now with our Indicators, there are clues in the history that indicate and support further turmoil.
Notice our STOCH RSI
We are currently in a BEARish move down to 20 level.
The last 2 times we reached here, we stayed below the 20 level for 59 days and 56 days.
This caused prices to drop significantly.
We would need to have a quick BULLISH cross and move back upwards or not stay below for extended period of time.
Along with the STOCH RSI, pattern in the RSI when found in correlation with identified pattern in STOCH RSI supports the PRICE DECLINES.
-> The pattern is when the Orange RSI line crosses below the BLACK line and stays below for extended periods can hint at price DECLINES.
Stay level headed, wait till the end of the Week for Clarity. There is always a chance we get back above and continue upwards.
__________________________________________________________________________________
Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again.
Stay tuned for more updates on BYND in the near future.
If you have any questions, do reach out. Thank you again.
DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. Do not use my ideas for the basis of your trading strategy, make sure to work out your own strategy and when trading always spend majority of your time on risk management strategy.
