BYND closes above its opening price after recovering from early selling pressure
Beyond Meat Inc. (BYND) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
BYND ended the month -6.03% lower at 125.90 after gaining $2.58 (2.09%) today, notably outperforming the S&P 500 (0.77%). Trading up to $1.68 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (BYND as at Jul 31, 2020):
Friday's trading range has been $3.49 (2.81%), that's far below the last trading month's daily average range of $5.80. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for BYND. Prices continued to consolidate within a tight trading range between 122.11 and 129.58 where it has been caught now for the whole last trading week.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, the stock managed to close higher but below the prior day's open, forming a bullish Harami Candle. The last time this candlestick pattern showed up on July 14th, BYND gained 3.11% on the following trading day. Additionally, two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
After having been unable to move lower than 122.11 in the previous session, Beyond Meat found buyers again around the same price level today at 122.41.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Buying might accelerate should prices move above the nearby swing high at 129.58 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 122.11 where further sell stops could get activated.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Harami Candle" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Beyond Meat. Out of 7 times, BYND closed lower 71.43% of the time on the next trading day after the market condition occurred.