Celsius Holdings ( NASDAQ: CELH) stock price has suffered a harsh reversal this week as investors remained concerned about its growth trajectory. The stock has plunged for three straight days and moved into a bear market. Are you looking for signals & alerts from pro-traders?
Is celh stock a good buy?
Despite the warning from Morgan Stanley, the firm maintained its “equal weight” rating and $75 per share price target for CELH stock. That’s more bearish than the analysts’ consensus rating of moderate buy and price prediction of $88.36 per share. CELH stock is down 16.7% as of Tuesday afternoon but is still up 34.2% year-to-date.
Why did the celh share price tumble?
The other reason is technical. On the daily chart above, we see that the CELH share price tumbled after it reached the key resistance at $99.48, which coincided with its highest swing in March. It formed a double-top pattern, which is one of the most popular bearish signs.
