Beyond Meat Inc. shares are trading higher on continued momentum after the company announced the debut of Beyond Fried Chicken. KFC restaurants across the United States will offer Beyond Fried Chicken for a limited time, while supplies last.
Beyond Meat Daily Chart Analysis
Shares have fallen below the support line in what traders call a sideways channel pattern. Support was found near the $120 level, but may become a level of resistance as the stock fell below the level and has been in a freefall.The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue). This indicates bearish sentiment, and each of these moving averages may hold as an area of resistance in the future.
The Relative Strength Index (RSI) has been climbing for the past few weeks and sits at 48. This shows the stock is seeing more buyers entering the market. This is a sign that a bounce could be coming as the price flattens out and buyers enter.
Benzinga
What’s Next for Beyond Meat?
The stock has been in a steady decline since the break of the $120 support level. This decline could come to an end as long as buyers keep entering into the stock. If the RSI can cross above the midline and stay above it for some time, the price may start to push higher.Bulls want the stockto form higher lows and eventually cross above the moving averages and the $120 level. Bears want to see the RSI start falling back lower and then for the price to follow.
By Tyler Bundy
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