A technical look at the stock
rallied from US$43.90 in March, 2020, to US$153.73 in July, 2021, , reversed the trend when it fell below the 40-week Moving Average , and stayed below the downward pressure of a falling trend line for about nine months .
The stock rallied above the 40wMA in July, 2022, to signal the end of the downtrend , pulled back to support near US$100 and reached a higher high recently to signal the start of a new uptrend . Behaviour indicators including the 40wMA confirm the bullish status. There is good support near US$120-121; only a sustained decline below US$113-115 would be negative.Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication
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