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on BREAKOUT COINS…
2 years ago
A meal without meat is, in my opinion, unacceptable. Many health-minded consumers will agree with my bias, having turned to plant-based protein provider, Beyond Meat (NASDAQ: BYND), for simple, tasty solutions. The company was founded in 2009 in Los Angeles, CA. It has since relocated and it is currently based out of El Sugundo, California, and claims to have 257 employees. BYND‘s products are somewhat limited at the moment, however currently include: Beyond Burger®, Beyond Beef®, Beyond Sausage®, and Beyond Beef® Crumbles.
The company premiered in May at $25 per share. Fast forward two months later, shares of the company were exchanging hands for as much as $239.71 for up to +858.84% in possible upside. Much has changed since then; especially the share price. BYND has bounced off hard support at $71 and change. The only question that remains is ‘Where will the company go from here?’.
The fact is that we have never crossed the point of control (red line) and we finally re-gained moving average support for the first time since July. The weekly price candle is bullish engulfing and signalling a continuation higher.
Short-term $110 – Fibonacci retrace level and 100-day moving average.
Medium-term $132 – Prior to Fibonacci resistance and price resistance.
Longer-term $175 – Fibonacci golden pocket at .6128 retrace level.
A break above the $100 price-level should result in some nice potential gains for BYND shareholders, but some consolidation in current range may be necessary first.