Today’s Chart of the Day was shared on Twitter by Charlie Bilello (@charliebilello). It's a daily candlestick chart of Beyond Meat ($BYND). Shares of the plant-based meat company surged in their first three months as a public company. The rally seemed to be fueled by momentum and fear-of-missing out. The company went public in early May at an IPO price of $25 a share and peaked around $240 at the end of July. Since then, the stock has taken quite a beating. Charlie points out that the stock is now down 60% from its peak. The chart serves as an excellent reminder to always be skeptical of "hype" in the markets and that parabolic advances are often followed by sharp corrections.
Chart of the Day - Wednesday, October 23rd, 2019
October 23, 2019
