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- 1 MNST stock showcased a breakdown of the flag pattern on the charts.
- 2 Bears are pushing the price to retest the round mark of $50.
MNST stock price showcased selling pressure and rejection while surpassing the trendline near $60 and losing the gains from the past sessions. Moreover, the price action showing a short buildup indicates that sellers might be interested in stretching the fall toward $50 in the upcoming sessions. MNST stock is trading above the cluster of $50 and is near the 200-day EMA. It is a major challenge to break $55.
From the past few weeks, the MNST share price has been riding in an uptrend and maintaining the gains. It is trying to surpass the resistance of $60. However, due to a strong seller’s grip, bulls failed to surpass resulting in slow & steady retracement, and is now hovering near the lower trendline of the flag & pole pattern indicating profit booking in the past sessions.
At press time, MNST stock price is trading at $56.52 with an intraday gain of 0.66% showing neutrality on the charts. Moreover, the trading volume increased by 0.89% to 4.687 Million and the market cap is $59.206 Billion. However, Analysts maintained a neutral rating with a yearly target price of $63.41 suggesting a significant upside for the next sessions.
Monster Beverage Corp. is a holding company, which engages in the development, marketing, sale, and distribution of energy drink beverages and concentrates. It operates through the following segments: Monster Energy Drinks, Strategic Brands, and Other.
The Monster Energy Drinks segment sells ready-to-drink packaged energy drinks to bottlers and full-service beverage distributors. The Strategic Brands segment sells concentrates and beverage bases to authorized bottling and canning operations. The Other segment consists of certain products sold by its subsidiary, American Fruits and Flavors LLC to independent third-party customers. The company was founded on April 25, 1990, and is headquartered in Corona, CA.
MNST Stock Price Action On Daily Charts
On the daily charts, MNST stock price showcased profit booking and is hovering near the lower trendline of the flag & pole pattern for the past sessions. Moreover, the price is trading above the 50% Fib zone and is taking support on the Bollinger band where a bounce toward $60 is expected in the next sessions.
The RSI curve stayed near neutrality and showed a positive crossover indicating a significant upside for the next sessions.
The MACD indicator showed a bearish crossover and formed red bars on the histogram suggesting a volatile chart structure for the next sessions.
Summary
MNST stock price is trading near the support zone and is close to the 200-day EMA suggesting a significant upside for the next sessions. However, the price is close to the neckline of the flag pattern and is looking for a bounce to retest the swings of $60 followed by $65 which bulls want to retest soon. MNST stock is trading above the neutrality and maintaining the gains indicates buyers accumulation for the past sessions.
Technical Levels
Support Levels: $50 and $40
Resistance Levels: $60 and $65
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
