Pivot point: (165.00).
Favorite scenario: Entering long positions above the $165.00 level, with $175.00 as the initial price target.
Alternative scenario: In the event the price drops below the $162.00 level, short positions can be entered with $158.00 as an initial price target.
Comment:
The stock is moving in an ascending price channel that started since March 2021, and rebounds from the important support level of $165.00, therefore, we recommend opening long positions to target the next resistance level 175.00 dollar. In the event of a decline below the $162.00 level, the previous analysis will be cancelled. In this case, we recommend opening short positions to target the next support level of $158.00.
