Pivot point: (65.00).
Preferred scenario: Entering long positions above $65.00, with $75.00 as your initial price target.
Alternative scenario: In the event the price drops below the level of $59.20, you can enter into short deals with setting $54.40 as an initial price target.
Comment:
The stock witnessed a good rebound after retesting the descending trend line that started since September 2020, and was breached in May 2021, and around the main support level 59.20, and the positive scenario is supported by the RSI that gave a buy signal with a bounce from the 30 line. Therefore, it is advised to open long positions in case the important resistance level of $65.00 is breached upwards to target the next resistance level of 75.00. In the event of a decline below the level of $59.20, the positive scenario will be canceled and it is recommended in this case to open short deals to target the next support level of $54.40.
