Pivot point: (53.95)
Favorite scenario: Entering long positions above $53.95, with $58.00 as the initial price target.
Alternative scenario: In the event the price drops below the $52.40 level, short positions can be entered with $50.00 as an initial price target.
Comment:
The stock is breaching the important resistance level of $53.95, therefore we recommend opening long positions to target the next resistance level of $58.00. In the event of a decline below the important support level of 52.40 dollars, the previous scenario is canceled and it is recommended in this case to open short deals to target the next support level of 50.00 dollars.
