BEYOND MEAT scenario
1 - BYND broadening wedge breakout on 15th July. Retracement hit last week of July followed by downwards channel support by broadening wedge.
2 - Initial resistance level makes sense to be a golden pocket region as this corresponds to the top of the gap just below 100. Price sometimes rallies to close gaps and drops back for contemplation phase.
3 - Contemplation phase now that it's back in the channel would be good to see a retracement back to most bullish supports ( 0.382 - 0.500 ), then breaking out of the channel to a target price of around 140. This target price is calculated by assuming a ' bump and run ' pattern occurred.
4 - RSI has had maintained below 50 for almost a year, its finally broken out and has retraced back to the 50 support.
Earnings on the 4th August - mustn't let the short term noise affect the bigger picture. A rally off earnings would be ideal, but past history on earnings tells us otherwise...
2 - Initial resistance level makes sense to be a golden pocket region as this corresponds to the top of the gap just below 100. Price sometimes rallies to close gaps and drops back for contemplation phase.
3 - Contemplation phase now that it's back in the channel would be good to see a retracement back to most bullish supports ( 0.382 - 0.500 ), then breaking out of the channel to a target price of around 140. This target price is calculated by assuming a ' bump and run ' pattern occurred.
4 - RSI has had maintained below 50 for almost a year, its finally broken out and has retraced back to the 50 support.
Earnings on the 4th August - mustn't let the short term noise affect the bigger picture. A rally off earnings would be ideal, but past history on earnings tells us otherwise...
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