Beyond Meat Inc. (Nasdaq: BYND) shares are trading higher Friday afternoon despite the company reporting worse-than-expected second-quarter EPS results and issued sales guidance below estimates.

Beyond Meat was up 2.5% to $124.92 at the time of publication.

Beyond Meat Daily Chart Analysis

• Shares dipped following earnings, but the price looks to have bounced off support and could head higher again.
• The stock is trading below both the 50-day moving average (green), and the 200-day moving average (blue), indicating sentiment in the stock has been bearish.
• Each of these moving averages may hold as a possible area of resistance in the future.
• The stock fell down to $120 and looks like it's bouncing back higher. This price level has been able to hold as resistance multiple times in the past.
• The stock has seen resistance near the $170 level in the past and could continue to hold this level as resistance in the future.
• The Relative Strength Index (RSI) looks like it may have bounced and now sits at 41. The RSI at 41 means there are more sellers in the stock than buyers.

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What’s Next For Beyond Meat?

Bullish traders would like to see the stock bounce at the support level and hold above $120. If the stock can hold above this level, it may be able to start to head toward resistance.

Bears would like to see the stock crack below the $120 level and start to hold it as resistance. Bears want to see the stock hold below both of the moving averages to maintain bearish sentiment.