Pivot point: (60.50).
Favorite scenario: Entering long positions above $60.50, with $61.77 as an initial price target.
Alternative scenario: In case the price drops below the level of $60.10, you can enter into short positions with $59.00 as an initial price target.
Comment:
The stock is moving within the boundaries of the descending price channel that started since late August, and in the current period the stock is rebounding from the lower boundary of the price channel around the level of $60.10, so we recommend opening long positions to target the next resistance level of $61.77. In the event of a decline below the level of $60.10, it cancels the previous scenario, and in this case it is recommended to open short positions to target the next support level of $59.00.
