BYND is coiling up for a big move with an Inside day candlestick on low volume . This is a big volume pattern as volume is literally drying up. This could be considered a "Quiet and Tight" pattern. I also love the price action on the 30m timeframe at 106 support. This support was tested twice with a 2B reversal/double bottom and a tight pennant pattern is forming. A close near HOD within the previous candle's range will be powerful. Short interest at 23.9% on finviz so short squeeze above 135 is possible.
Entry - 112.22
Stop Loss - 105.60
Target 1 - 138
Target 2 - 150
Entry - 112.22
Stop Loss - 105.60
Target 1 - 138
Target 2 - 150
Note
30m timeframe looks strong. Rejects 106 support with a 2B Reversal and is now forming a tight pennant pattern. I entered today within the pennant pattern. Trade closed: stop reached
Closed this trade at 117.89. Tightened up stops today as market looks like we're at a short term high. BYND could not defend the 118.50 area and is losing steam. Closed out for a small gain.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.