tdbeva

PTON - looking bearish

Short
NASDAQ:PTON   Peloton Interactive, Inc
Info only, not advice

Double top pattern has formed. Likely to drop through first level of support. It will then retest this level and confirm as resistance o support last that level. Once broken through, likely to bounce on 0.618 level and then drop to the next level of resistance at 92.
Comment: As expected, double top lead to drop. Price hung at that key resistance level but failed so now in free fall. Let's see if the Fed can rescue it with some stimmy but the postive covid news is going to be acting as a downward force on this one.
Comment: Hit the support level at 92 almost to the tick and staying above for now...