Beyond Meat (BYND) is scheduled to announce its third-quarter earnings Monday, after the market closes.
BYND is one the stocks in Jim Cramer's game plan for the week. We last reviewed the charts of BYND on Oct. 13 writing that, "With a bearish engulfing pattern now on the daily candlestick chart of BYND (above) after reaching our second price target of $197, traders should book some profits on our long recommendations. A correction could unfold for several weeks before renewed gains are seen."
BYND did, in fact, correct from the middle of October to the end of October. Let's check out the latest charts and indicators.
In this updated daily bar chart of BYND, below, we can see that prices declined about $60 before their recent bounce. Prices fell below the 50-day moving average line and have subsequently climbed back above it. The 50-day line and the 200-day moving average line are cresting. The On-Balance-Volume (OBV) line shows only a very modest decline in October, suggesting to me that prices declined more of their "own weight" than from aggressive selling. The trend-following Moving Average Convergence Divergence (MACD) oscillator crossed below the zero-line for a sell signal, but has begun to narrow towards a cover-shorts buy signal.