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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Monster Beverage (NASDAQ:MNST) based on the price action in the company's shares. Yesterday's price range of $53.31 and $54.39 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. Traders and investors interested in shares of Monster Beverage may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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

Potential upside of 11.5% exists for Monster Beverage, based on a current level of $54.07 and analysts' average consensus price target of $60.29. The stock should run into initial resistance at its 200-day moving average (MA) of $56.96 and subsequent resistance at its 50-day MA of $57.60.

In the past 52 weeks, Monster Beverage share prices have been bracketed by a low of $47.61 and a high of $70.21 and closed yesterday at $54.07, 14% above that low price. The 200-day and 50-day moving averages have moved 0.06% lower and 0.33% lower 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: bullish am inside day candle monster beverage

Ticker(s): MNST