Pivot point: (75.84).
The preferred scenario: Entering long positions above the level of $75.84, with $83.16 as an initial price target.
Alternative scenario: In the event the price drops below the level of $71.70, you can enter into short deals with $66.45 as an initial price target.
Comment:
The stock is breaching the descending channel that started since April 2021, around the level of 72.30, and is testing the important resistance level of $75.84, which if breached, the stock targets the resistance level. Next is $83.16. In the event of a decline below the level of $71.70, it cancels the previous scenario and is advised in this case to open short deals to target the next support level of $66.45.
