Pivot point: (59.95)
The preferred scenario: entering long positions above 59.95, with $62.00 as an initial price target.
Alternative scenario: In the event the price drops below the level of $59.50, you can enter into short deals with setting $57.86 as an initial price target.
Comment:
The stock is breaking through the descending price channel that started since August 2021 around the $59.95 resistance level. Therefore, it is advised to open long positions to target the next resistance level of $62.00. In the event of a decline below the support level of 59.50 dollars, the previous scenario is canceled and it is recommended in this case to open short deals to target the next support level of 57.86 dollars.
