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Possible Bearish Inside Day Candle Pattern Detected for Monster Beverage (NASDAQ:MNST)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Monster Beverage (NASDAQ:MNST) based on the price action in the company's shares. Yesterday's price range of $63.53 and $63.97 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Monster Beverage may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Monster Beverage (NASDAQ:MNST) is currently priced 5.6% above its average consensus analyst price target of $60.29. The stock should find initial support at its 50-day moving average (MA) of $58.93 and further support at its 200-day MA of $57.10.

Monster Beverage Corporation operates as a holding company. The Company, through its subsidiaries, markets and distributes energy drinks. Monster Beverage serves customers worldwide.

Monster Beverage share prices have moved between a 52-week high of $70.21 and a 52-week low of $47.61 and closed yesterday at 34% above that low price at $63.84 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.2%.

SmarTrend recommended that subscribers consider buying shares of Monster Beverage on April 26th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $59.01. Since that recommendation, shares of Monster Beverage have risen 8.5%. We continue to monitor MNST for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle monster beverage

Ticker(s): MNST