Monster (MNST) reported great numbers, beating on both earnings and revenue. What makes the chart valuable is that, after all is said and done, we can see that price is moving above the centre of the range. The real story here is that MNST has been flat money for the last 1.5 years. Also worth noting is the fact that the stock recently tried to break out, pulled back and has now relaunched.
We also saw this in September 2018:
While MNST pulled back in September 2018, I think the tone is changing here and defensive plays might hold up better as global growth continues to slow. I would wait for some sort of a 4-day pullback, subsequently looking to enter where I could control risk with a tight stop rather than trying to buy on a spike high.
Greg Schnell, CMT, MFTA.