Pivot point: (500.00).
Favorite scenario: Entering long positions above the $500.00 level, with $600.00 as the initial price target.
Alternative scenario: In the event the price drops below the $485.00 level, short positions can be entered with $400.00 as an initial price target.
Comment:
The stock is rebounding from the lower boundary of the descending price channel that started in November 2021 around the important $500.00 support level, therefore we recommend opening long positions to target the resistance level Next $600.00. In the event of a decline below the $485.00 level, the previous analysis will be cancelled. In this case, we recommend opening short positions to target the next support level of $400.00.
