Pivot point: (122.50).
Favorite scenario: Entering long positions above $122.50, with $130.00 as an initial price target.
Alternative scenario: In the event the price drops below the $114.00 level, short positions can be entered with $105.00 as an initial price target.
Comment:
The stock is breaking the descending price channel that started in July 2021, and testing the important resistance level of $122.50.00. We recommend opening long positions above this level to target the next resistance level of $130.00. In the event of a decline below the level of $114.00, the previous scenario will be canceled and it is recommended in this case to open short positions to target the next support level of $105.00.
