Pivot point: (59.50).
Favorite scenario: Entering long positions above the level of $59.50, with $64.00 as the initial price target.
Alternative scenario: In the event the price drops below the level of $58.00, short positions can be entered with an initial price target of $56.00.
Comment:
The stock is breaking the main resistance level of $59.50, therefore we recommend opening long positions to target the next resistance level of $64.00. In the event of a decline below the important support level of $58.00, the previous scenario is canceled and it is recommended in this case to open short deals to target the next support level of $56.00.
