October 9 Chart of the Day - Monster Beverage Corporation
Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews
Monster Beverage Corporation (MNST) manufactures energy drinks including Monster Energy, Relentless, Reign and Burn. The company was initially founded as Hansen's in 1935 in Southern California, originally selling juice products.
The company renamed itself as Monster Beverage in 2012 and has become a household name to many.
The company has been in the headlines recently for providing above average return on equity so we wanted to review their chart from a price action technical analysis perspective.
We have featured over 300 Charts of the Day since May 2023 and teach Price Action Trading for FREE to traders who join our Highly Rated Trade Room.
Monthly Chart
On the monthly chart we can see that after setting its $61.23 all time high (ATH) during the spring of 2024 price fell dramatically over the next several months all the way down under $45 about two months ago.
Since then, price has bounced up and seemingly deciding whether to continue upwards or fall back to the downside all while churning inside a range roughly between $47 - $52 area.
Weekly Chart
On the weekly chart we can see with much more clarity the fall from ATHs, and the recent bounce back up. The bulls would like to make a series of higher highs and higher lows but that remains to be seen.
Trading around $49.75 earlier today price may be attempting to break out of the mini range that it has been forming.
Should price decide to fall to the downside and make a new lower low price could possibly want to revisit the low $30s...
One thing for sure, price rarely, if ever, moves in a straight shot.
Only time will tell for sure what price will do next...
We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.
Armed with precision oriented charts like these both traders and investors can formulate their respective plans.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
ChartPros Highly Rated Trade Room - Open House
Get a FREE Course and FREE Access for the next 14 days!
