Pivot point: (24.30).
Favorite scenario: Entering long positions above $24.30, with $26.50 as an initial price target.
Alternative scenario: In the event the price drops below the level of $24.00, short positions can be entered with an initial price target of $22.20.
Comment:
The stock is still trading above the ascending trend line that started since October 2020, and it also breached the important resistance level of $24.30, therefore we recommend opening long positions. To target the next resistance level of $26.50. In the event of a decline below the important support level of $24.00, it cancels the previous scenario, and in this case it is recommended to open short positions to target the next support level of $22.20.
