Pivot point: (36.00).
Preferred scenario: Entering long positions above $37.60, with $44.80 as an initial price target.
Alternative scenario: In the event the price drops below the level of $35.90, you can enter into short deals with $30.70 as an initial price target.
Comment:
The stock is still moving above the main ascending trend line that started since October 2020, and rebounded from it around the key support level of $30.95. RSI signal that supports a positive bias. Therefore, we recommend opening long positions by breaching the important resistance level of $37.60 to target the next resistance level of $44.80. On the other hand, the decline below the level of 35.90 cancels out the previous scenario, and in this case it is recommended to open short positions to target 30.70 dollars.
