Technical Pulse: Peloton Interactive Inc August 3, 2021 802

Peloton Interactive Inc (US: PTON) Initial upside is confirmed after prices broke out of the larger falling wedge and prices has also made a series of higher high and higher low. Recent technical has also indicate further upside:

 

  1. Peloton Interactive has formed a larger inverted head and shoulder and is pending to break above the neckline resistance zone at US$122.60-US$126.73.
  2. On the right shoulder, Peloton has formed a bullish flag after it rebounded from the immediate support zone at US$110.183 region.
  3. The bullish crossover of the 22 and 63 period Moving average is another confirmation signal that the bullish upside is intact. Especially prices close right at the 200 and 22-period moving average.
  4. RSI rebounded at the mean reversion line at 50. Citing a negative failure swing.

 

 

*Expected timeline of the trade is 12 weeks from the date of report issuance.

 

CHART LEGEND

 

Moving Average

Red dotted line = 200 periods MA

Blue dotted line = 63 periods MA

Green dotted line = 22 periods MA

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