Pivot point: (30.00).
Favorite scenario: Entering long positions above the $30.00 level, with $40.00 as the initial price target.
Alternative scenario: In case the price drops below the $27.50 level, short positions can be entered with $25.00 as an initial price target.
Comment:
The stock is moving within the framework of a descending price channel that started since February 2021, and rebounding from the lower boundary of this channel around the important support level of $30.00, and therefore we recommend opening long positions to target the next resistance level of $40.00. In the event of a decline below the $27.50 level, the previous analysis will be cancelled. In this case, we recommend opening short positions to target the next support level of $25.00.
