Beyond Meat Inc. Stock Forecast
Stronger technical forecast for Beyond Meat Inc. stock price after Thursday trading.
(Updated on Apr 25, 2024)
The Beyond Meat Inc. stock price gained 4.62% on the last trading day (Thursday, 25th Apr 2024), rising from $6.06 to $6.34. During the last trading day the stock fluctuated 8.28% from a day low at $5.92 to a day high of $6.41. The price has fallen in 7 of the last 10 days and is down by -8.25% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 415 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $14.14 million.
The stock is at the lower part of a very wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $6.06 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Beyond Meat Inc. stock with a 90% probability to be traded between $5.97 and $10.44 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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BYND Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, April 24, 2024, and so far it has risen 4.62%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Beyond Meat Inc. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $7.46. On a fall, the stock will find some support from the short-term average at $6.27. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Beyond Meat Inc. stock
Beyond Meat Inc. finds support from accumulated volume at $6.21 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.490 between high and low, or 8.28%. For the last week, the stock has had daily average volatility of 5.62%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BYND) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Beyond Meat Inc. to open at $6.22, and during the day (based on 14 day Average True Range), to move between $5.93 and $6.75, which gives a possible trading interval of +/-$0.406 (+/-6.41%) up or down from last closing price. If Beyond Meat Inc. takes out the full calculated possible swing range there will be an estimated 12.81% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $6.21 (2.05%) than the resistance at $7.33 (15.62%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Beyond Meat Inc. stock A Buy?
Beyond Meat Inc. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -1.917 Sell Candidate Upgraded
Predicted Opening Price for Beyond Meat Inc. of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $6.22 ( 1.84%) | $6.34 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BYND
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.71 | 5.89 % | |
| R2 | 6.53 | 2.94 % | ||
| R1 | 6.41 | 1.11 % | ||
| Current price: | 6.34 | |||
| Support | S1 | 6.04 | -4.79 % | |
| S2 | 5.92 | -6.62 % | ||
| S3 | 5.73 | -9.57 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.52 | 18.61 % | |
| R2 | 7.45 | 17.51 % | ||
| R1 | 7.33 | 15.62 % | ||
| Current price | 6.34 | |||
| Support | S1 | 6.21 | -2.05% | |
| S2 | 6.12 | -3.47% | ||
| S3 | 6.07 | -4.26% |
FAQ
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