Pivot point: (121.45).
Favorite scenario: Entering long positions above the level of $121.45, with $132.00 as an initial price target.
Alternative scenario: In the event the price drops below the $119.00 level, short positions can be entered with $112.00 as an initial price target.
Comment:
The stock is moving in an ascending price channel that started since August 2021, and rebounds from the $121.45 level, and therefore we recommend opening long positions above $121.45 to target the resistance level. Next is $132.00. In the event of a decline below the important support level of $119.00, the previous scenario will be canceled and it is recommended in this case to open short positions to target the next support level of $112.00.
