Current price: 84.26
Key point: 80.90
Our preferred direction: long positions above the $80.90 level, targeting $91.50, followed by $100.00.
Alternative scenario: stop loss and change direction by breaking the $80.56 level, targeting $72.00 levels.
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The stock is moving above the main ascending trend line that started since March 2020, and it has breached the upper boundary of the descending price channel that started since April 2022, around the important resistance level of $80.90. Therefore, we recommend opening long positions to target the next resistance level of $91.50, followed by $100.00. In the event of a decline below the level of $80.56, the previous analysis will be cancelled, and the first support in this case will become $72.00.
