After just closing the recent long swing trade out for a 34% gain in less than a week, BYND (Beyond Meat Inc.) now offers an objective, but aggressive short entry here around the 107.40 level for a pullback trade following what will likely prove to be a momentum-fueled overshoot of the final target from the long swing trade that was just closed out. The optimal entry range is between 108-103. The price targets for this short trade are T1 at 97.86 & T2 at 90.46 with a suggested stop of 110.00 although one’s stop should depend on their unique entry price & preferred price target(s). The suggested beta-adjusted position size for this trade is 0.85.
On the updated daily chart below (second chart, the first one is the previous daily chart from Jan 10th), BYND has rallied into the bottom of this “thin zone” on the volume at price histogram, which is likely to act as resistance, as well as my 105.41 target with what is likely to prove to be a brief momentum-fueled overshoot.