Pivot point: (49.80).
Preferred scenario: Entering long positions above the level of $49.80, with $54.00 as an initial price target.
Alternative scenario: If the price drops below the level of $49.15, you can enter into short deals with $46.00 as an initial price target.
Comment:
The stock is breaching the descending price channel that started in April 2021, around the level of $49.80, therefore we recommend opening long positions to target the next resistance level of $54.00. In the event of a decline below the level of $49.15, the previous scenario will be canceled and it is recommended in this case to open short positions to target the next support level of $46.00.
