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

By David Diaz

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 $64.75 and $65.64 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.

Over the past year, Monster Beverage has traded in a range of $50.06 to $70.45 and is now at $65.54, 31% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.9%.

Monster Beverage (NASDAQ:MNST) is currently priced 8.0% above its average consensus analyst price target of $60.29. The stock should discover initial support at its 200-day moving average (MA) of $60.72 and subsequent support at its 50-day MA of $59.83.

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