Beyond Meat Stock Breaks Above Key Resistance Level: What's Next?

Beyond Meat Inc. BYND shares were trading higher Thursday after the company announced the launch of its first-ever value six-pack of the company’s Beyond Burger in Canada.

The release of this six-pack will help further the company’s goal of making plant-based protein more available, according to Beyond Meat.

See Also: What's Going On With Beyond Meat Stock Today?

Beyond Meat Daily Chart Analysis

• Beyond Meat stock was able to break over a potentially key level and is now heading towards the next resistance level.
• The stock is trading above the 50-day moving average (green), but below the 200-day moving average (blue), hinting that the stock is likely facing a period of consolidation.
• The 50-day moving average may hold as support, while the 200-day moving average is a place the stock may find resistance.

Key Beyond Meat Levels To Watch

• The stock has rallied the last few days and crossed above a previous support level that was holding as resistance before the break.
• The stock was able to cross above the $120 mark, which was holding as resistance. This level has held as support before and the stock may find support here again.
• The stock has previously struggled to cross above the $170 mark and hold its gains. This area may hold as resistance again.

What’s Next For Beyond Meat?

Bullish technical traders would like to see the stock build higher lows and move up toward the resistance. A break above resistance could eventually let the stock see a stronger further push upwards.

Bearish technical traders would like to see the stock fall back below the $120 level. Consolidation below this level could bring about a strong push downwards.