According to Ross' chart work, the recent pullback in the stock from its all-time high of $144.69 set on April 27 is presenting an "outstanding buying opportunity" for investors. "The stock has been a fantastic performer, climbing 22 percent year to date. However, the stock put in a double top and subsequently fell 15 percent to its 150-day moving average."
Technicians often look to the longer-term 150-day moving average as a tool to detect the overall health of a stock. And in Ross' perspective, it's Monster's ability to hold and bounce from that 150-day moving average that makes it so attractive. "We've had a very nice rally coming off that moving average of about 10 percent," said Ross, head of technical analysis at Evercore ISI.
"I see the stock retesting that old high of about $144 and challenging that double top."
And Ross isn't the only one hyped up on Monster. Of the 15 Wall Street analysts who cover the stock, the average rating is overweight and average price target is $149.50, more than 11 percent higher than current levels, according to FactSet.