Peloton (PTON) Is Forming A Bearish Pattern

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.  

Get EVERY trade Nick is taking with his members right here…

Get all of Nick’s OPTIONS Swing Trades Here    <<>>    Get all of Nick’s STOCK Swing Trades Here