Pivot point: (105.00).
Favorite scenario: Entering long positions above the $105.00 level, with $120.00 as the initial price target.
Alternative scenario: In case the price drops below the level of $103.00, short positions can be entered with setting $95.00 as an initial price target.
Comment:
The stock is still moving above the rising trend line that started in March 2020, and rebounding from the key support level of $105.00, therefore we recommend opening long positions to target the next resistance level of $120.00. In the event of a decline below the important support level of $103.00, the previous analysis will be cancelled. In this case, we recommend opening short positions to target the next support level of $59.00.
