Pivot point: (142.50).
The preferred scenario: Entering long positions above the $142.50 level, with $157.00 as an initial price target, followed by $181.00.
Alternative scenario: In the event the price drops below the $135.00 level, short positions can be entered with $128.00 as an initial price target.
Comment:
The stock is breaching the descending trend line that started since February 2021, around the $142.50 level, so we recommend opening buying positions above the $142.00 level to target the next resistance level of $157.00, which in case the stock continues to rise to target the $181.00 level.
In the event of a decline below the $135.00 level, the previous scenario will be cancelled, and it is recommended in this case to open short positions to target the next support level $128.00 as an initial price target.
