Pivot point: (220.00).
Favorite scenario: Entering long positions above the $220.00 level, with $237.00 as the initial price target.
Alternative scenario: In the event the price drops below the level of $215.00, short positions can be entered with $195.00 as an initial price target.
Comment:
The stock is breaching the descending trend line that started since July 2021, around the $220.00 resistance level. Therefore, we recommend opening long positions to target the next resistance level of $237.00. In the event of a decline below the level of $215.00, selling transactions can be entered to target the next support level of $195.00.
