Swing Trade Ideas – (BYND) – May 20, 2020
Our bullish trade for Wednesday, May 20th is BYND (Beyond Meat Inc).
BYND is part of the Consumer Staples Sector (XLY). XLY has experienced a 6.13% gain in the last month and its 1M and 6M trend turned bullish on 14th and 18th May respectively.
BYND’s 1M and 6M trend turned bullish on April 17th and May 4threspectively. Price has recently pulled back to an area of support and bounced higher with strong momentum providing a good bullish opportunity. With a technical score of 10 (out of 10), BYND is a very strong stock that will likely continue higher.
As a stop loss, if BYND were to trade below $125 for multiple days, this would invalidate our analysis and we would consider cutting losses on the trade. We also consider cutting losses on this options trade if the value of the vertical spread moves below $5.50.