Pivot Point: (58.00).
Favorite scenario: Entering long positions above the level of $58.00, with $62.00 as an initial price target.
Alternative scenario: In case the price drops below the $57.38 level, short positions can be entered with setting $56.00 as an initial price target.
Comment:
The stock is testing the important support level of $58.00. Therefore, we recommend opening long positions to target the next resistance level of $62.00. In the event of a decline below the important support level of $57.38, the previous analysis will be cancelled. In this case, we recommend opening short deals to target the next support level of $56.00.
