Current price: 1.750
Key point: 1.600
Our preferred direction: long positions above the $1.600 level, targeting $2.00, followed by $2.40.
Alternative scenario: stop loss and change direction by breaking the $1.400 level, targeting $1.200 levels.
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The stock has breached the upper limit of the descending triangle pattern around the important resistance level of $1.600, therefore, it is most likely to witness a rise to target the next resistance level of $2.00 followed by $2.40. In the event of a decline below the $1.400 level, the previous analysis will be cancelled, and the first support in this case will be $1.200.
