Pivot point: (48.70).
The preferred scenario: Entering long positions above the $48.70 level, with $50.44 as an initial price target.
Comment:
The stock rebounded from the main support level of $47.00, and this rebound is followed by a price gap that comes at the beginning of the upward movements, and therefore we recommend opening long positions above the level of $48.70 In order to target the next resistance level 50.44 around the 61.80 Fibonacci correction ratio. In the event of a decline below the $48.25 support level, the previous analysis will be cancelled, and we recommend opening short positions to target $47.00.
