BYND soars, gaining $10.09 (6.89%) within a single day on high volume
Beyond Meat Inc. (BYND) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, BYND finished Wednesday at 156.57 surging $10.09 (6.89%) on high volume, strongly outperforming the S&P 500 (-0.46%). This is the biggest single-day gain in over three months. Today's close at 156.57 marks the highest recorded closing price since June 22nd. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 150.00, Beyond Meat confirmed its breakout through the previous session high after trading up to $8.60 above it intraday.
Daily Candlestick Chart (BYND as at Sep 16, 2020):
Wednesday's trading range has been $12.44 (8.44%), that's far above the last trading month's daily average range of $7.91. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for BYND.
One bullish candlestick pattern matches today's price action, the White Candle.
After trading down to 146.16 earlier during the day, the share bounced off the key technical support level at 146.45 (S1). The failure to close below the support might increase that levels significance as support going forward. When prices bounced off a significant support level the last time on September 11th, BYND gained 6.15% on the following trading day. Prices are trading close to the key technical resistance level at 163.22 (R1).
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 133.51.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 167.16, upside momentum could accelerate should the stock be able to break out to new highs for the year.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for Beyond Meat. Out of 34 times, BYND closed higher 64.71% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.82% with an average market move of 8.61%.