Beyond meat has formed a classic Wyckoff accumulation pattern since September, broken the upper resistance and retraced back to the old resistance ( now support )
There's a strong diagonal resistance since June 2021, which price has be retraced numerous times before.
Price target determination:
- Distance from resistance and support of accumulation = distance travelled after breakout.
- This coincides with diagonal resistance mentioned above.
- $23 seems to be sensible target at the moment. If breakout of diagonal & strong market sentiment, breakout of diagonal resistance is a strong possibility.
- Stop loss at $15
There's a strong diagonal resistance since June 2021, which price has be retraced numerous times before.
Price target determination:
- Distance from resistance and support of accumulation = distance travelled after breakout.
- This coincides with diagonal resistance mentioned above.
- $23 seems to be sensible target at the moment. If breakout of diagonal & strong market sentiment, breakout of diagonal resistance is a strong possibility.
- Stop loss at $15