Pivot point: (102.00).
Favorite scenario: Entering long positions above 102.00, with $110.00 as an initial price target.
Alternative scenario: In case the price drops below the level of 101.00 dollars, it is possible to enter into short deals with setting 95.40 dollars as an initial price target.
Comment:
The stock breached the upper boundary of the descending channel that started since last May around the important resistance level of $102.00. Therefore, we recommend opening long positions to target the next resistance level of $110.00. In the event of a decline below the support level of 101.00 dollars, it cancels the previous scenario and in this case it is recommended to open short positions to target the next support level of 95.40 dollars
