Technical Analyst, Saxo Bank
For more than a year Beyond Meat (BYND) has been in a downtrend dropping 90% since 2021 peak. The latest leg down almost reached 1.382 projection of the down trend following the summer rebound at 11.30. (All-time low is 12.76) before bouncing to test the short-term falling trendline.
BYND is at the time of writing trading above the short-term falling trendline. And BYND closes above the trend line it could move higher to test resistance at 16,65. A close above 16.65 could extend the rebound to around $20.
Divergence on both daily and weekly RSI indicates weaking of the medium- and short-term down trend and a warning of a potential reversal. The current market action seems to be that rebound.
However, if BYND closes all-time lows at 12.76 a sell-off down to 11.30 is quite likely to be seen, possibly lower.
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