Swing Trade Idea – (BYND) – November 6, 2020
Our bullish trade for Friday, November 6th is BYND (Beyond Meat Inc). BYND is part of the Consumer Staples Sector (XLY). XLY has experienced a 1.59% gain in the last month and its 1M trend turned bullish on November 5th.
BYND’s 1M trend turned bearish on October 27th and price has recently pulled back to an area of support and bounced higher with strong momentum providing a good bullish opportunity. With a technical score of 4 (out of 10), BYND is a weak stock that will likely continue higher.
As a stop loss, if BYND were to trade below $143 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We would also consider cutting losses on this options trade if the value of the vertical spread moves above $13.