Pivot point: (111.75).
Favorite scenario: Entering long positions above $111.75, with $125.00 as an initial price target.
Alternative scenario: In the event the price drops below the $110.00 level, short positions can be entered with $102.00 as an initial price target.
Comment:
The stock is breaching the descending price channel that started since July 2021, therefore we recommend opening long positions above $111.75 to target the next resistance level of $125.00. In the event of a decline below $110.00, the previous scenario will be canceled and it is recommended in this case to open short positions to target the next support level of $102.00.
