Pivot point: (580.00).
The preferred scenario: Entering long positions above the $580.00 level, with $660.00 as the initial price target.
Alternative scenario: In case the price drops below the $560.00 level, you can enter into short deals with $500.00 as an initial price target.
Comment:
The stock is moving above an ascending trend line that started since January 2021, and rebounding from it around the main and pivotal support level of $580.00, also the RSI signal supports the positive scenario, so we recommend opening long positions from the current levels because it is expected to continue rising to target the next resistance level of $660.00 However, in the event of a decline below the support level 560.00, it cancels the previous scenario and is advised in this case to open short positions to target the next support level of $500.00.
