Key point: 540.00
Our preferred direction: long positions above the $540.00 level, targeting $570.00, followed by $595.00.
Alternative scenario: stop loss and change direction by breaking the $530.00 level, targeting $500.00 levels.
Comment
The stock has breached the descending trend line that started since December 2021, around the important resistance level of $540.00, therefore, it is advised to open long positions to target the next resistance level of $570.00, followed by the next resistance level of $595.00. In the event of a decline below the important support level of $530.00, the previous analysis will be canceled and the first support in this case will become $500.00.
