MNST has been a high-flyer for years, and while the velocity of the move up has slowed recently with the state of the overall stock market, the trend is still very much bullish. In fact, we see the possibility that a one month down trend for the stock may be close to breaking out to the upside.
By plotting the highs of the last month of trading, we noticed that the stock was trying to break out of that above mentioned trend line. Whether it was successful or not is hard to tell, as the close was on the trend line, however with volume increasing, it seems like the bulls are eager to turn this stock around. Tomorrow will mark our confirmation of this breakout, especially if the stock closes in the green. Resistance can be found around the $150, $155 and $160 levels. With that said, we believe upon a break of the trend line, MNST shares could revisit the $160 levels in short order. Looking at support, the only level we will be watching closely and using for our stop loss level would be the $142 - $143 level. A break significantly below that level would have us liquidating any long positions.
Our trade strategy for MNST would be to watch tomorrow’s trading closely. If the stock closes in the green, we would take that as an entry signal. If however we get weakness tomorrow, we would be waiting on the sidelines and trying to pick up shares closer to the $142 support level, all while watching that same level as our stop loss point on additional weakness.
The stock price direction for the day for MNST is DOWN. This stock is currently not trending in any direction or the stock may be fluctuating over the last 5 to 7 days, but after all the fluctuations, finds itself in roughly the same price point as it did when BullishInvestor.com started analyzing it 7 days earlier. As a result, the trend for this stock is too weak to properly analyze at this time. That being said, short spurts of share price increases or decreases can still occur even though a trend has not been properly analyzed which is why watching the BullishInvestor.com daily ratings may be able to pinpoint quick entry and exit levels in this stock. Based on BullishInvestor.com’s proprietary algorithms, MNST is currently signalling NEUTRAL.
The most recent Candle Stick pattern for MNST is the Doji.
There are two possible reasons for the Hold rating currently given to MNST. The first reason is that there may be indecision among the technical indicators or most of them may be neutral for MNST. If the stock chart looks flat lined or is in the midst of a trend direction change, most likely this is why MNST is showing Neutral. If, however the stock is currently in a visible up or down trend, the reason for the Hold may be because the BULLISH or BEARISH rating has already passed.
The last SELL was registered on Apr 01, 2024 when MNST was trading at $57.74. Armed with this knowledge, there may still be some more strength left in this current trend or it may be near a tipping point, the market has not given a clear indication yet.
As such, it may be a wise decision to hold your stock or continue to wait on the sidelines in MNST until BullishInvestor.com changes the rating for MNST.