Pivot point: (500.00).
Favorite scenario: Entering long positions above the $500.00 level, with $550.00 as the initial price target.
Alternative scenario: If the price drops below the $475.00 level, short positions can be entered with $450.00 as an initial price target.
Comment:
The stock is still trading above the ascending trend line that started in February 2021, and is testing the important resistance level of $500.00, which in case it is breached, we recommend opening deals Buying to target the next resistance level of $550.00, but in the event of a decline below the important support level of $475.00, the previous analysis will be canceled and in this case it is advised to open short positions to target the next support level $450.00.
