Trade of the Day – Peloton Interactive, Inc. (NASDAQ: PTON) August 1, 2023 122
Trade of the Day
Peloton Interactive, Inc. (NASDAQ: PTON)
(Current Price: US$9.71) – TECHNICAL BUY
Buy stop price: US$9.87 Stop loss: US$8.50
Take profit 1: US$11.80 Take profit 2: US$14.30
The price has consolidated in a bullish ascending triangle formation, forming higher lows towards the US$9.82 neckline resistance coupled with bullish momentum on the Moving Average Convergence Divergence (MACD) technical indicator.
Should a breakout occur, the price could retest the first resistance level at US$11.80, which was a swing high formed in April this year. It could then head to the next resistance level at US$14.30, confluent with a swing high formed in March this year.
Expected timeline of the trade is 4-12 weeks from the date of report issuance.
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Featuring regular TA posts and requests to analyse specific stocksAbout the author
Zane Aw
Technical Analyst
PSR
I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).