Peloton Interactive Inc (US: PTON) inverted head and shoulder formation was invalidated based on our report dated on 3^rd August but recent technical has shown some promises to the bullish upside :

1. Since its break out from the larger falling wedge, Peloton has been ranging and testing the 50.0% Fibonacci retracement level of the falling wedge swing high to low. The multiple testing shows a weakening of the resistance.
2. Morning star formation rebounded from the lower boundary of the Bollinger band and the key immediate support zone at US$97.98-US$102.48.
3. Gap resistance zone must be broken to confirm the bullish upside, which the middle Bollinger band is confluencing with that zone.
4. Stochastic Oscillator is showing potential oversold crosses.

*Expected timeline of the trade is 15 weeks from the date of report issuance.

CHART LEGEND

Bollinger Bands

Standard deviation = 2

Red dotted line = Upper Band

Blue dotted line = 20 Periods MA Band

Green dotted line = Lower Band