Beyond Meat stock soars after analysts upgrade

Beyond Meat (BYND.US) shares surged more than 7.0% during today's session after Piper Sandler upgraded its investment stance on the maker of plant-based meat substitutes to ‘neutral’ from ‘underweight’, saying a nationwide launch at McDonald’s (MCD.US) could happen within less than 3 months.

Beyond Meat (BYND.US) stock bounced off the major support at $62.00  and is currently approaching the lower limit of the earlier broken descending channel. If buyers manage to push the price above it, then the upward move may accelerate towards the upper limit of the 1:1 structure which lies near resistance at $85.23 marked with 23.6% Fibonacci retracement of the last downward wave. Source: xStation5