Beyond Meat Inc. (BYND) is surging Monday on a report that the company signed a deal to expand their product distribution in China. We looked at the charts of BYND just one month ago here and wrote that, "It is interesting how supply-chain problems with beef, pork, and chicken has been a boon to BYND. The charts are positioned for further gains. Aggressive traders could go long BYND on a small dip to $120 or on strength above $135. Risk to $105 for now. The Point and Figure target is $200."
With prices breaking out to a new high on our Point and Figure chart (below), let's check out some updated charts.
In the daily bar chart of BYND, below, prices are starting a new move higher, in my opinion. BYND is above the rising 50-day moving average line and above the bottoming 200-day moving average line. We can see that the stock is close to a bullish golden cross of the 50-day and 200-day moving averages.
The On-Balance-Volume (OBV) has been moving upward from early April and is very close to establishing a new high for the move up. A strong OBV line confirms the price action to date and tells us that buyers of BYND have been more aggressive.
The trend-following Moving Average Convergence Divergence (MACD) oscillator has been in a take profits mode recently but renewed price strength should turn this indicator bullish again.