Peloton Interactive (PTON) is a leading interactive fitness platform that was a major winner during the coronavirus lockdowns in 2020. The stock peaked out on January 15, 2021 at $171.09 a share. Since that pivot high, the shares have fallen and are currently trading at $108.49 a share. Traders should note that Peloton (PTON) stock has been consolidating just above the 200-day moving average since March 5th, 2021. This pattern should be viewed as a bearish base and will usually indicate lower share prices ahead.
Traders and investors must now watch for weekly close below the March 5th low. Once this happens a bigger decline is likely underway. The next major support level for PTON shares will be around the $77.00 level. This is where the stock has a major retrace support area from the February 2020 lows to the January 2021 highs. Very often, a major retrace level will hold and provide solid support for a tradable bounce. Unfortunately, there is not much strength in this stock until then and lower share prices are likely soon.
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