Pivot point: (56.70).
The preferred scenario: Entering long positions above the level of 56.70 dollars, with setting the 59.50 dollars as an initial price target.
Alternative scenario: In case the price drops below the level of 55.10 dollars, it is possible to enter into short deals with setting 53.70 dollars as an initial price target.
Comment:
The stock is moving above an ascending trend line that started since January 2021, and is testing the main resistance level 56.70, and most likely we will witness a breach of this level to the upside to target the level of $59.50, and this bias supports the OBV indicator’s signal, which was able to breach the same level corresponding to the resistance level on prices. Therefore, it is advised to enter long positions in case of the breach of the resistance level. In the event of a decline below the level of 55.10, this previous scenario will be canceled and it is recommended in this case to open short deals to target the level of $53.70.
