The BYND (Beyond Meat Inc.) trade setup posted yesterday is currently poised to close slightly above the downtrend line, triggering a long entry although on non-confirming volume (1.3M vs 2.6M avg). As such, best to either wait for follow-through or only take a starter (1/3 – 1/2) position until breakout appears solid. Ideally, you want to see a breakout occur on 1.5x or better the 60 or 90-day average volume as breakouts that occur on average or below-average volume have a higher rate of failure. Daily chart below.
BYND daily June 6th