Pivot point: (72.50).
Preferred scenario: Entering long positions above $72.50, with $80.00 as an initial price target.
Alternative scenario: In case the price drops below the level of $72.20, you can enter into short deals with $68.00 as an initial price target.
Comment:
The stock is rebounding from the important and pivotal support level of $72.50. Therefore, we recommend opening long positions to target the next resistance level of $80.00 around the 38.20% Fibonacci retracement level. In the event of a decline below the important support level of $72.20, the previous scenario is canceled, and it is recommended in this case to open short deals to target the next support level of $68.00.
