Pivot point: (51.30).
Preferred scenario: Entering long positions above the $51.30 level, with $55.00 as your initial price target.
Alternative scenario: If the price drops below the level of $50.50, you can enter into short positions with $47.90 as an initial price target.
Comment:
The stock is moving above an ascending trend line that started since November 2021, and rebounding from the important support level of $51.30. Therefore, we recommend opening long positions to target the next resistance level of $55.00. In the event of a decline below the important support level of $50.50, the previous scenario will be canceled and the first support in this case will become $47.90.
