Pivot point: (675.00).
Favorite scenario: Entering long positions above $675.00, with $750.00 as an initial price target.
Alternative scenario: In case the price drops below the level of $625.00, short positions can be entered with setting $575.00 as an initial price target.
Comment:
The stock is trading within the descending price channel that started since November 2021, and is testing the descending trend line around the $675.00 resistance level, by breaching it, we recommend opening long positions to target the next resistance level $750.00. In the event of a decline below the level of $625.00, the previous analysis will be cancelled. In this case, we recommend opening short positions to target the next support level of $575.00.
