Pivot point: (52.00).
The preferred scenario: Entering long positions above the $52.00 level, with $54.80 as an initial price target.
Alternative scenario: In the event the price drops below the $51.46 level, it is possible to enter into selling deals with setting $49.70 as an initial price target.
Comment:
The stock is breaching the descending trend line that started since May 2021 around the $52.00 resistance level. Therefore, we recommend buying long positions to target the next resistance level of $54.80. In the event of a decline below the level of $51.46, the previous scenario will be canceled and it is recommended in this case to open short deals to target the next support level of $49.70.