Beyond Meat Gets Fried, Wait For This Trade Level

President & CEO Chief Market Strategist at IntheMoneyStocks.com • Nov 10, 2020 at 12:32 PM EST

The next major support level for Beyond Meat Inc stock will be down around the $100.00 level. This is a big whole round number that major institutions will generally defend.

This morning, leading manufacturer of plant based meat products, Beyond Meat Inc (BYND), is coming under heavy selling pressure. The stock is falling by more than 20% today trading around $117.75 a share. Traders should note, Beyond Meat (BYND) stock has now broken below its important 200-day moving average. This puts the stock in a weak technical position on the charts and often signals lower prices ahead.

The next major support level for Beyond Meat Inc (BYND) stock will be down around the $100.00 level. This is a big whole round number that major institutions will generally defend. It is also a level where the stock broke out in early May 2020. This should be viewed as an added factor for solid support around that $100.00 level when tested.

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