BYND plummets -5.2% on high volume
Beyond Meat Inc. (BYND) Technical Analysis Report for Sep 18, 2020 | by Techniquant Editorial Team
BYND finished the week 10.5% higher at 149.04 after tanking $8.18 (-5.2%) today on high volume, significantly underperforming the S&P 500 (-1.12%). This is the biggest single-day loss in over a month. The last time we've seen such an unusually strong single-day loss on September 11th, BYND actually gained 6.15% on the following trading day. Trading $3.44 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 149.26, the stock confirmed its breakout through the previous session low after trading up to $3.18 below it intraday.
Daily Candlestick Chart (BYND as at Sep 18, 2020):
Friday's trading range has been $7.36 (4.91%), that's slightly below the last trading month's daily average range of $8.11. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for BYND.
Two candlestick patterns are matching today's price action, the Bullish Hikkake Pattern which is known as bullish pattern and one bearish pattern, the Bearish Spinning Top.
After trading down to 146.08 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.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and could now be heading back down towards the mean of the Bollinger Bands at 136.16.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. Its common bearish interpretation has been confirmed for Beyond Meat. Out of 71 times, BYND closed lower 61.97% of the time on the next trading day after the market condition occurred.