Beyond Meat Appears To Be In Breakout Mode
Gary S. Morrow | Jun 28, 2021 01:08PM ET
Shares of Beyond Meat (NASDAQ:BYND) have been consolidating in a narrow range for most of June. Over the last two weeks, the stock’s 200-day moving average has provided solid support. As the new week begins, BYND appears to be in breakout mode following news of a DoorDash partnership.
Following the powerful Pepsi-powered surge back in late January, BYND began a steep pullback. By mid-May the stock was down 55% from the January peak. The sharp rebound in late May retraced nearly half of the post-Pepsi flush. The stock has been consolidating those gains this month. This healthy action has set BYND up for a fresh rally leg.
We regard BYND as a fairly low-risk buy near current levels. On the downside, a close back below $141.00 would violate last week’s low sending a clear warning sign that more consolidation is ahead.
Note: We are long BYND in some managed accounts.
You can read Gary S. Morrow's original post here.
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