Peloton has seen over an 80% decline in stock price since its January 2021 highs. It could be ready to claw back some of those losses up to near term resistance at $46. Depending on the buy price, this could pose a potential 30%+ gain on this trade in what could be within a relatively short space of time.
I would look to take this setup if the break and retest of this trendline confirms with a bounce and close above the trendline. I expect this to be within the next couple of days or early next week at the latest.