Pivot point: (160.80).
The preferred scenario: Entering long positions at the highest level of $160.80, with $176.00 as an initial price target.
Alternative scenario: In the event the price drops below the $150.00 level, short positions can be entered with $140.00 as an initial price target.
Comment:
The stock is trying to breach the descending trend line that started since December 2021, around the $160.80 resistance level. Therefore, we recommend opening long positions above this level to target the next resistance level of $176.00. In the event of a decline below the level of $150.00, the previous scenario will be canceled and it is recommended in this case to open short deals to target the next support level of $140.00.
