MNST pushes through Wednesday's high
Monster Beverage Corporation (MNST) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
MNST ended Thursday at 57.84 gaining $4.18 (7.79%) on low volume, significantly outperforming the Nasdaq 100 (5.72%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 55.10, the market confirmed its breakout through the previous session high after trading up to $3.23 above it intraday.
Daily Candlestick Chart (MNST as at Mar 26, 2020):
Thursday's trading range has been $4.46 (8.26%), that's slightly above the last trading month's daily average range of $3.82. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for MNST.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 54.78 (now S1), which is likely to act as support going forward. The last time this happened on March 13th, MNST actually lost -7.93% on the following trading day. Prices are trading close to the key technical resistance level at 58.46 (R1).
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.