Current price: 47.54
Key point: 44.23
Our preferred direction: long positions above the $44.23 level, targeting $52.00, followed by $56.00.
Alternative scenario: stop loss and change direction by breaking the $43.00 level, targeting $40.00 levels.
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The stock is moving between the two sides of the descending price channel that started since June 2022, and rebounding from the lower boundary of this channel around the main support level of $44.23, therefore we recommend opening long positions to target the next resistance level of $52.00 followed by $56.00. In the event of a decline below the important support level of $43.00, the previous analysis will be cancelled, and the first support in this case will become $40.00.
