Pivot point: (53.90).
Favorite scenario: Entering long positions above the $53.90 level, with $58.00 as an initial price target.
Alternative scenario: In the event the price drops below the level of 53.40 dollars, it is possible to enter into short positions with 50.10 dollars as an initial price target.
Comment:
The stock has been consolidating since May 2021, and rebounded around the key support level of $53.90, therefore we recommend opening long positions to target the next resistance level of $58.00. In the event of a decline below the level of 53.40 dollars, the previous scenario will be canceled and it is advised to open selling deals to target the next support level 50.10 dollars.
