BEYOND MEAT Longterm Technical Analysis
Greeting and welcome,
PLEASE NOTE:
So just to put it out there, i am by no means an expert. This is strictly for educational purposes and would love to hear your insights, tips, advice and more. Best ways to learn is through expressing what you've learned so far and engaging with others.
Also, i tend to focus on TA alone and barely go into FA and therefore will also not address the current global MACRO trends occurring, keeping it strictly TA. As i am a student of the T.A.
OBSERVATION:
1st thing that i should note for myself -> the amount of data present at larger time frames is low. As it is a fairly new publicly traded company.
SHort term: DOuble resistance lines drawn, 1 is horizontal short term resistance that we are currently battling. 2 is the larger slanted trend line that is a major resistance line that marked the beginning of the downtrend, date being (06-21). Its Major because its kept us down and price action below it for 14 months.
I am also observing the golden box that begins at roughly $47 to $72, which i believe to also be major resistance zone and could potentially be a solid sell zone. Adding on that short term this current price area of $38 and upward can be potential sell zone as well.
I will watch for a volume bar size and color at end of this month as well. If bigger than last month = potential for trend change. If green potential for continuation to up. If red , we can go lower maybe.
EMA 21 is also something im watching. Can be potential resistance as it trends lower and why the golden box area can be major major resistance zone and maybe push price down.
INDICATORS:
1. RSI - We are at the lowest we've been on monthly timeframe. Lower low is set. WE gatta stay above white horizontal line and make a higher high. COnfirm by making higher low, which can indicate trend change to upside. I am also looking for a cross as noted on chart.
2. STOCH RSI - is showing positive momentum since October 2021. But to make me bullish i hafta see it cross above the 20 level.
3. ADX and DI - ALso momentum / trend indicator. Its been on a decline since BYND came into stock market, represented by the green line going down and red line coming up. But its looking like green is moving and i would like to see white liner pierce it upwards with green crossing over red. WHich adds to bullish sentiment.
CONCLUSION:
We are going up against some strong resistance levels at the moment and have more from $45 to 70ish price level. Volume to me looks like its getting more liquid which can be good for bullish sentiment. Ill be watching the volume at the close of this month. FOr me this area now is a potential resistance thus sell zone. The golden box zone is also another potential 2nd resistance, thus sell zone. STOCH RSI shows positive momentum after a long time. ADX and DI is also showing a little bit of positive momentum. WIll monitor the RSI as well to create a higher high and higher low. It wouldnt be abnormal to see price come down as well. This is extremely healthy to consolidate after a 100% move up.
Please note again: This is just my opinion and practice to hone my TA skills. Please do comment and give me your insights to what you think, if you have anything to add please do so. Discussing and debating is a necessity for evolution :o . Thank you for taking a look. Takecare.
PLEASE NOTE:
So just to put it out there, i am by no means an expert. This is strictly for educational purposes and would love to hear your insights, tips, advice and more. Best ways to learn is through expressing what you've learned so far and engaging with others.
Also, i tend to focus on TA alone and barely go into FA and therefore will also not address the current global MACRO trends occurring, keeping it strictly TA. As i am a student of the T.A.
OBSERVATION:
1st thing that i should note for myself -> the amount of data present at larger time frames is low. As it is a fairly new publicly traded company.
SHort term: DOuble resistance lines drawn, 1 is horizontal short term resistance that we are currently battling. 2 is the larger slanted trend line that is a major resistance line that marked the beginning of the downtrend, date being (06-21). Its Major because its kept us down and price action below it for 14 months.
I am also observing the golden box that begins at roughly $47 to $72, which i believe to also be major resistance zone and could potentially be a solid sell zone. Adding on that short term this current price area of $38 and upward can be potential sell zone as well.
I will watch for a volume bar size and color at end of this month as well. If bigger than last month = potential for trend change. If green potential for continuation to up. If red , we can go lower maybe.
EMA 21 is also something im watching. Can be potential resistance as it trends lower and why the golden box area can be major major resistance zone and maybe push price down.
INDICATORS:
1. RSI - We are at the lowest we've been on monthly timeframe. Lower low is set. WE gatta stay above white horizontal line and make a higher high. COnfirm by making higher low, which can indicate trend change to upside. I am also looking for a cross as noted on chart.
2. STOCH RSI - is showing positive momentum since October 2021. But to make me bullish i hafta see it cross above the 20 level.
3. ADX and DI - ALso momentum / trend indicator. Its been on a decline since BYND came into stock market, represented by the green line going down and red line coming up. But its looking like green is moving and i would like to see white liner pierce it upwards with green crossing over red. WHich adds to bullish sentiment.
CONCLUSION:
We are going up against some strong resistance levels at the moment and have more from $45 to 70ish price level. Volume to me looks like its getting more liquid which can be good for bullish sentiment. Ill be watching the volume at the close of this month. FOr me this area now is a potential resistance thus sell zone. The golden box zone is also another potential 2nd resistance, thus sell zone. STOCH RSI shows positive momentum after a long time. ADX and DI is also showing a little bit of positive momentum. WIll monitor the RSI as well to create a higher high and higher low. It wouldnt be abnormal to see price come down as well. This is extremely healthy to consolidate after a 100% move up.
Please note again: This is just my opinion and practice to hone my TA skills. Please do comment and give me your insights to what you think, if you have anything to add please do so. Discussing and debating is a necessity for evolution :o . Thank you for taking a look. Takecare.
Feragatname
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