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

By Amy Schwartz

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. Today's price range of $69.86 and $70.20 is within yesterday'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 Corporation operates as a holding company. The Company, through its subsidiaries, markets and distributes energy drinks. Monster Beverage serves customers worldwide.

Monster Beverage (NASDAQ:MNST) is currently priced 13.7% above its average consensus analyst price target of $60.29. Monster Beverage shares have support at the 50-day moving average (MA) of $65.77 and additional support at the 200-day MA of $61.59.

In the past 52 weeks, Monster Beverage share prices have been bracketed by a low of $52.23 and a high of $70.52 and are now at $69.86, 34% above that low price. The 200-day and 50-day moving averages have moved 0.21% higher and 0.90% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Monster Beverage and will alert subscribers who have MNST in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle monster beverage

Ticker(s): MNST