Beyond Meat (BYND) , the relatively new IPO, has been hot! Is everyone trying to reverse their heart disease with the Ornish diet? I have no idea but if you do a Google search you get about 255,000,000 results (0.51 seconds) for Beyond Meat. Pretty amazing I think.
We don't have a lot of chart history to work with so let check and see what we can conclude.
In this Japanese candlestick chart of BYND, below, we can see the impressive rally over the past five weeks. Corrections or dips have been shallow and very short-lived. Three or four days at the most. While volume has not increased on the rally the daily On-Balance-Volume (OBV) line has risen.
In this Point and Figure chart of BYND, below, we can see the impressive rise without any price gaps. Consolidations have been brief but then again the whole history has been brief. Unfortunately the software has not projected a potential price target.
Bottom line strategy: Most of the time I have a definite opinion on a stock. I like or I don't like it. I have a sense on how to buy it and what to risk. This time with BYND I don't know if part of the gap today will be filled or if prices continue to soar higher. I am not comfortable making a recommendation at this juncture but I will keep watching it.