The performance of the stock has been poor, nevertheless, signs of balance are starting to appear with possibilities of a bounce higher to gain recovery.

The stock is currently trading at $88.22, with highs ranging between $103-106 and lows between $82-86 in recent weeks. From a technical aspect, using a Fibonacci retracement tool a major support level sits at $72.19. A break below this level could see the stock test the very lows of May 2016 ($59). RSI is slightly negative as it reads 41.5 but MACD is showing a neutral stance, suggesting a stabilised position. Looking towards the upside, initial short-term resistance sits at $106 where the stock struggled to break higher (white trendline). In a mid to long-term outlook, a break above this level may possibly see the stock test the next tough resistance level at $130, which is where the 23.6% Fib level sits. If the stock broke above the 23.6% retracement point, a chance to gain recovery would open up as the uptrend could continue towards the 38.2% retracement at $166. Major risks do weigh on this stock as inflationary pressures will squeeze the market. The stock is under pressure and a drop back to the lows $72.19 looks very possible. Though it could provide a long-term buying opportunity.