Pivot point: (880.50).
Favorite scenario: Entering long positions above the $880.50 level, with $1100.00 as the initial price target.
Alternative scenario: In the event the price drops below the $800.00 level, short positions can be entered with $700.00 as an initial price target.
Comment:
The stock rebounds from the lower boundary of the descending price channel that started in November 2021 around the important support level of $880.50, therefore, it is advised to open long positions to target the next resistance level. $1100.00. In the event of a decline below the level of $700.00, the previous scenario will be canceled and it is recommended in this case to open short positions to target the next support level of $700.00.
