We recently looked at Monster Beverage (MNST) and noted that price action was "revving up". Basically, we saw breakouts and confirmations of breakouts that signaled a bullish outlook after a price bottom. We noted an upside potential towards 54.Monster Beverage (MNST) Daily Chart(click to enlarge)Anticipating Resistance:- As the market rallies, we are anticipating resistance around 54, which is around the July through August highs in 2016. - As price cracks 50, we also might see some slowing down, or short-term consolidation. After all, 50 is a psychological level and the RSI is in overbought territory. - If there is a pullback from 50, I would limit my bearish outlook because the bulls are in control. Price should might stay above 48 if it is on its way towards 54.Historic High:- Price action suggests that MNST will reach 54. In the weekly chart we can see that this is near the record high.- We can also see that price has been consolidating since 2015. - Will 2017 be the year MNST breaks above this consolidation? - I think we will see some choppiness when price tests the 54 area, but it looks like bulls are picking up momentum, and it would NOT be prudent to rely on the resistance here. - I would bet on a breakout and an extension towards 60.