So this is either bottom of the trend line and we can see pton make a good bullish bounce! Or something completely different. It is concerning that the attempted break out failed on the third go at $160 and with the market sentiment being rather bearish drove this stock down quickly.
Now even more interesting is that we still closed under a resistance point ($122) if PTON is searching for recovery it would need an immediate breakout by Monday or Tuesday.. if it fails there is a good chance rejection will force this to $110 support. If that is confirmed we would then be subject to the start of a long term consolidation or the start to a retrace on the fib down to ($95) which would seem so oversold. With the current high yields right now though could create an environment for that to happen.
Moral of the story I’m all over the place on TA, if there is any good news or other perspectives that could be weighed in to see what’s to come please comment. Thanks
Now even more interesting is that we still closed under a resistance point ($122) if PTON is searching for recovery it would need an immediate breakout by Monday or Tuesday.. if it fails there is a good chance rejection will force this to $110 support. If that is confirmed we would then be subject to the start of a long term consolidation or the start to a retrace on the fib down to ($95) which would seem so oversold. With the current high yields right now though could create an environment for that to happen.
Moral of the story I’m all over the place on TA, if there is any good news or other perspectives that could be weighed in to see what’s to come please comment. Thanks