Pivot point: (57.93).
The preferred scenario: Entering long positions above the level of $57.93, with $62.30 as an initial price target.
Alternative scenario: In the event the price drops below the level of 57.40 dollars, it is possible to enter into short deals with 53.60 dollars as an initial price target.
Comment:
The stock is rebounding from the ascending trend line that started since last July around the important support level of $57.93, therefore we recommend opening long positions to target the next resistance level 62.30 dollar. In the event of a decline below the level of 57.40 dollars, the previous scenario will be canceled and it is recommended in this case to open short deals to target the level of 53.60 dollars.
