BYND- Is there more meat on the bone?
Updated
BYND has had a good trend up over about 15 days rising about 40% over the interval.
The question that arises is whether the trend is now near to a top and so consolidation or
reverse or instead can it continue higher? The indicators may give a hint on the 4 hr
chart which being a higher time frame has better reliability than a low TF. About a week ago
price crossed over the mean VWAP anchored to the beginning of the year. This demonstrates
bullish momentum and concurs with the other indicators. Professional traders see the
VWAP as an " over/under" of sorts something well known to sports betters.
The Lorentzian Indicator which uses machine learning an many parameters including moving
averages, average directional index, RSI and CCI printed a buy signal on June 23rd and has not
yet printed a corresponding sell signal. The MTF RSI by Chris Moody shows both TFs
with RSIs in the 65-70 range showing BYND not to be overbought and overvalued. The MACD
indicator shows the K and D lines in parallel well above the positive histogram. There is no
the suggestion of an impending line cross. Fundamentally, BYND products have not inflated to
the extent of beef, port and chicken. Overall, I see an opportunity for a long trade.
I will drill down to the 1 to 5 minute time frames and look for a pivot low. The target is about
50% upside at $22.5 the pivot high of this year in March. I will take partia profits along the
way while raising the stop loss in lockstep with those profits as an effective risk management
exercise.
The question that arises is whether the trend is now near to a top and so consolidation or
reverse or instead can it continue higher? The indicators may give a hint on the 4 hr
chart which being a higher time frame has better reliability than a low TF. About a week ago
price crossed over the mean VWAP anchored to the beginning of the year. This demonstrates
bullish momentum and concurs with the other indicators. Professional traders see the
VWAP as an " over/under" of sorts something well known to sports betters.
The Lorentzian Indicator which uses machine learning an many parameters including moving
averages, average directional index, RSI and CCI printed a buy signal on June 23rd and has not
yet printed a corresponding sell signal. The MTF RSI by Chris Moody shows both TFs
with RSIs in the 65-70 range showing BYND not to be overbought and overvalued. The MACD
indicator shows the K and D lines in parallel well above the positive histogram. There is no
the suggestion of an impending line cross. Fundamentally, BYND products have not inflated to
the extent of beef, port and chicken. Overall, I see an opportunity for a long trade.
I will drill down to the 1 to 5 minute time frames and look for a pivot low. The target is about
50% upside at $22.5 the pivot high of this year in March. I will take partia profits along the
way while raising the stop loss in lockstep with those profits as an effective risk management
exercise.
Trade active
BYND ve break-popped. Stop loss moved up above break even. Took 1/10th of the position in realized profit. Will take another 1/20th off each day moving forward.Trade active
Price action- slow and steady partial position closures to optimize profit atNO risk; moving up stop losses. Will soon convert to a trailing stop loss of 1.5% to simplify trade management.
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