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Peloton Stock Chart Analysis: Major Breakdown

Shares of Peloton Interactive (PTON) look like they may have finally run out of gas. Per Peloton stock chart analysis, share price is hammering on support at $126.75. Should the daily chart close below that level, Peloton will be in major breakdown mode with no support until $98.65. The stock has clearly put in a major technical top four trading days ago when it peaked at $139.75. The day that happened, there was a technical candlestick reversal candle. Near-term that was a warning sign for longs in the stock. Now, if the $126.75 level is breached on a daily closing basis, the next bigger move should begin. While Peloton is a great company, the stock is priced in the stratosphere. It needs to pull back and digest this move.

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