Beyond Meat Inc. (BYND) is scheduled to release its third-quarter results after the close of trading here on Wednesday. The maker of plant-based meat products has struggled for months even as shoppers find more availability and selection in supermarkets and at restaurants. Let's defrost a few charts to see what is happening with Beyond Meat.
In this daily bar chart of BYND, below, we can see that prices have been in a downward trend the past 12 months. BYND trades below the negatively sloped 50-day moving average line and below the negatively sloped 200-day moving average line. The On-Balance-Volume (OBV) line has been in its own downward trend as sellers of BYND have been more aggressive than buyers. The trend-following Moving Average Convergence Divergence (MACD) oscillator is crossing to the downside from below the zero line -- another sell signal.
In this weekly Japanese candlestick chart of BYND, below, we see a bearish picture. Prices are in a longer-term decline below the bearish 40-week moving average line. The weekly OBV line is in a longer-term decline, telling me there has been a lot of liquidation (selling) of longs. The MACD oscillator is bearish.
In this daily Point and Figure chart of BYND, below, we can see a potential downside price target around $10.
In this weekly Point and Figure chart of BYND, below, the software suggests a bearish price target of $0 -- zero.
Bottom line strategy: I like to see lots of protein choices when I go to the supermarket, but that condition is probably not helping shares of Beyond Meat as consumers struggle with the high price of food. The charts of BYND are pointed lower. Avoid the long side of BYND.
