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Chart Pro On Beyond Meat: Next Support Level At $85

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Chart Pro On Beyond Meat: Next Support Level At $85

Beyond Meat Inc (NASDAQ: BYND)'s stock peaked at $239.71 and is now flirting with the $100 level — and one pro is projecting even more downside to the $85 level.

What Happened

Beyond Meat stock was once higher by more than 800%, but two upcoming events have some investors worried.

The company will report its third-quarter results after market close Monday.

On Tuesday, around 80% of the outstanding shares will become eligible to trade on the public market as part of a lockup period.

Ahead of two near-term events, JC O'Hara, chief market technician at MKM Partners, said on a recent CNBC "Trading Nation" segment that the "next support level" for the stock is $85 per share.

Beyond Meat's stock will see a continuation of selling momentum that started to speed up a few weeks ago, O'Hara said.

Taking a look at the chart shows the stock broke below a prior support level of $140 where "buyers have historically shown up" to buy on a dip, he said. 

'Just Starting Out'

Taking the other side of the trade, BK Asset Management's Boris Schlossberg said on the same "Trading Nation" segment that investors may want to look at the long-term story.

Beyond Meat is among the first few "real true replicators" of meat, and the whole industry is "just starting out," he said. 

"This is going to be the story to come, as this is going to be very much a part of the consumer diet going forward." 

Beyond Meat shares were down 0.36% at $100.45 at the time of publication. 

Related Links:

Beyond Meat Analyst Sees More Downside Ahead

Wells Fargo Is Cautious On Beyond Meat's Stock As Competition Rises

Photo courtesy of Beyond Meat. 

Posted-In: Alternative Meat Boris Schlossberg CNBC JC O'Hara MKM PartnersTechnicals Media Trading Ideas Best of Benzinga

 

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