Pivot point: (55.50).
Preferred scenario: Entering long positions above 55.50, with $62.00 as an initial price target.
Alternative scenario: In the event the price drops below the $54.75 level, short positions can be entered with $52.70 as an initial price target.
Comment:
The stock is breaching the important resistance level of $55.50, therefore we recommend opening long positions to target the next resistance level of $62.00. In the event of a decline below the important support level of $54.75, the previous scenario is canceled and it is recommended in this case to open short deals to target the next support level of $52.70.
