Pivot Point: (404.50).
Preferred Scenario: Entering long positions above 404.50, with $432.00 as an initial price target.
Alternative scenario: In case the price drops below the level of $490.00, you can enter into short positions with $375.00 as an initial price target.
Comment:
The stock is moving in an ascending price channel that started since March 2021, and rebounded from the rising trend line and the important support level of $380.00. We recommend opening long positions above the $404.50 level to target the next resistance level of $432.00. In the event of a decline below the important support level 490.00, it cancels the previous scenario and is advised in this case to open short positions to target the next support level of $375.00.
