Pivot point: (53.64).
Favorite scenario: Entering long positions above the $53.64 level, with $80.00 as the initial price target.
Alternative scenario: If the price drops below the $50.00 level, short positions can be entered with $40.00 as an initial price target.
Comment:
The stock is rebounding from the descending price channel that started in March 2021 around the important $53.64 support level. In the event of a decline below the important support level of $50.00, the previous scenario will be canceled and it is recommended in this case to open short positions to target the $40.00 level.
