Beyond Meat (BYND.US) and PepsiCo (PEP.US) announced today that will form a joint venture called PLANeT Partenship to sell new plant-based snacks and drinks. The joint venture will combine Beyond Meat’s skills with protein prestidigitation and PepsiCo’s world-class marketing and commercial capabilities to develop and sell snacks and beverages made from plant-based protein. "Plant-based proteins represent an exciting growth opportunity for us, a new frontier in our efforts to build a more sustainable food system," said Ram Krishnan, PepsiCo global chief commercial officer. However no financial terms and other details were revealed, except to say that the operations will be managed through the aforementioned PLANeT Partnership.
Beyond Meat (BYND.US) stock launched today's session with a massive bullish price gap, however buyers failed to break above resistance at $220.00 and price pulled back. Stock broke below the support at $197.08 and if the current sentiment prevails the downward move could be extended to the $164.40 handle where the lower limit of the aforementioned price gap is located. Meanwhile, the 50 SMA (green line) broke below the 200 SMA (red line) painting a pattern known as the 'death cross'. While this is a pattern heralding declines, it should be noted that it is very often a lagging pattern therefore traders should be cautious trying to trade on it. On the other hand, should buyers manage to bring the price back above $197.08, the move towards recent highs could be on the cards. Source: xStation5
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Pepsi (PEP.US) stock price is testing the upper limit of the descending channel. In case a break above occurs, the upward move may accelerate towards major resistance at $142.70 which coincides with 50 SMA (green line) and the 200 SMA (red line). Only breaking above this hurdle, may pave the way for a bigger upward move. Failure to break higher could see the stock price pull back towards near-term support at $137.50. A point to note is that, similarly to the above, the 'death cross' pattern appeared on the 4H interval. Source: xStation5
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