Beyond Meat Inc. (BYND) is an US American designer and manufacturer of plant-based meat substitutes. The range of simulated products goes from chicken strips over beef burger and meat balls towards simulated meat sausages and should extend in the future. Today, the company owns three manufacturing facilities in the US, one manufacturing facility in Jiaxing, China, being the first full end-to-end facility outside US. Also, it has two service and distribution facilities in the Netherlands for the markets in Europe, Middle East and Africa. Founded 2009 and headquartered in El Segundo, California, US, it is a part of Russel 2000 small-cap index. Investors can trade it under the ticker $BYND at NASDAQ.
Beyond Meat Weekly Elliott Wave Analysis 02.26.2023
The weekly chart below shows the Beyond Meat shares $BYND traded at NASDAQ. From the IPO in 2019, the stock price has developed an initial cycle higher in blue wave (I) of super cycle degree towards $239.71 all-time highs in July 2019. Then, a correction lower in blue wave (II) has unfolded as an Elliott wave regular flat pattern being 3-3-5 structure.
Firstly, 3 swings in red wave a of blue wave (II) have printed a low at $48.18 in March 2020. Then, a bounce has set a connector wave b at $221 highs in January 2021. Later on, the price has broken 48.18 lows opening up a bearish sequence. As a consequence, red wave c should have extended lower towards 29.74-0.00 area. Even though 1.236-1.618 extensions may reach deeper, the price can not go below zero. The impulse in red wave c has reached already the bouncing area. It is the the preferred view that the correction has ended in November 2022 at $11.00 lows. While above there, a new bullish cycle in blue wave (III) might have started. The target for the wave (III) is 251-400 area and even beyond.
Beyond Meat 4 Hour Elliott Wave Analysis 02.26.2023
The 4 Hour chart below shows in more detail the initial stages of the blue wave (III). From the November 2022 lows at $11.00, blue wave (1) has unfolded as a leading diagonal being 5-3-5-3-5 structure. It has ended at $20.14 highs in January 2022. From there, pullback in blue wave (2) shows an expanded flat structure. Now, while above 15.28 lows, next extension in blue wave (3) is in progress. Short-term, the target is 24.68-30.50 area and even beyond.
Investors and traders can buy $BYND from 29.74-0.00 area targeting 251-400 area in the long run.
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