Can BYND rise from its support /demand ( multiyear low) ?
BYND had it surge in the post Covid months. As seen on the weekly chart, multiple
touches of the supply / resistance zone occurred in the range of $160-180 per share.
Price is now at 5-10% of the highs and at the multi-year lows. Volume is weak.
The RSI swing indicator has given a buy signal but I am skeptical. BYND is heavily shorted
and sellers have dominated. My idea is to set an alert for a price of %15.00.
The volume profile both short and longer term shows a lot of buying at the current price range.
My idea is to set an alert for $15. If BYND can get there, some momentum might be achieved
especially if some short sellers feel some pain and look to buy to cover and close.
Otherwise any down trends in the general market will tend to drag BYND down as well.
touches of the supply / resistance zone occurred in the range of $160-180 per share.
Price is now at 5-10% of the highs and at the multi-year lows. Volume is weak.
The RSI swing indicator has given a buy signal but I am skeptical. BYND is heavily shorted
and sellers have dominated. My idea is to set an alert for a price of %15.00.
The volume profile both short and longer term shows a lot of buying at the current price range.
My idea is to set an alert for $15. If BYND can get there, some momentum might be achieved
especially if some short sellers feel some pain and look to buy to cover and close.
Otherwise any down trends in the general market will tend to drag BYND down as well.
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