Pivot point: (61.36).
The preferred scenario: Entering long positions above the level of $61.36, with $68.40 as an initial price target.
Alternative scenario: In the event the price drops below the $60.00 level, you can enter into short deals with $55.00 as an initial price target.
Comment:
The stock is still moving above the ascending trend line that appeared since March 2020, and rebounded from it around the main support level of $61.36. The RSI also supports the expected rise by its rebound from the oversold area, so we recommend opening long positions from the current levels to target the next resistance level of $68.40 . In the event of a decline below the level of 60.00, the previous scenario will be nullified and it is recommended in this case to open short positions to target the next support level of $55.00.
