Drink em if ya got em! Scott’s sipping $CELH and $MNST – December 8, 2022
CELH MNST
This is Scott with your Chart of the Day. I want to take a look at some beverage stocks that are actually holding up quite well in this market.
The first is Celsius Holdings ( NASDAQ: CELH ). This has got to be one of the best-performing stocks of the last few years. Just look, in March of 2020, it was a $3.00 stock. And then off the COVID low, it ran up for basically 2 years, up about 3000 percent. Celsius ( NASDAQ: CELH ) is like a crypto that you can drink.
I just realized how ridiculous that sounds but it’s true. This was a $3.00 stock and now it is testing the $120.00 level. You can see how today it got a little pushback around that 120.00 level. But it didn’t break down and it is still holding up above all the major moving averages here.
And so this is definitely a stock that I think we should keep an eye on. If we do see some upside in the market, you can see how important this level has been just this year. And then if I zoom out you can see how it actually is making a new high in 2022. You can’t really say that about a lot of stocks right now. You have got to be very choosy. Unless it’s really kind of an oil and gas stock it’s hard to say, yes, I like this stock and it’s making a new high.
And so again, this is definitely one we want to keep an eye on. I think it is a bit extended here, above this 8-day exponential period moving average. I would like to see a little bit of a pullback and maybe another bounce off the 8-day. I think that this 120.00 level is pretty key. If we can get a close above, on volume, through that 120.00 zone, I think this is definitely an actionable idea. Again, extended right now, in my opinion, and it is really hard to buy breakdowns in this market.
Another beverage stock is Monster ( NASDAQ: MNST ). Check this pattern out, it is under the 8-day, but it is still holding up above that 21-day. We can draw a little bit of a wedge, it’s not perfect but it looks pretty good to me. What I am looking for from Monster ( NASDAQ: MNST ), is again a strong move through this resistance level, that 102.00 zone coming on volume.
And so I think 120.00 is pretty important on Celsius ( NASDAQ: CELH ), but I think 102.00 is key here on Monster ( NASDAQ: MNST ). I am going to set an alert at both of those levels, maybe just underneath so I get alerted that something is happening up here.
Those are 2 beverage stocks that are holding up pretty well in this market, drink them if you’ve got them.
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