Home
News
- Peloton stock price breakout of the $13.00 hurdle level and formed a giant bullish candle
- PTON stock price sustained above the 50 day EMA and approaching towards the 200 day EMA
- NASDAQ : PTON price is up by 29.33% on the weekly basis
Peloton Interactive Inc stock price is trading bullish and bulls seem to be celebrating the Q3 results. However, PTON is not able to post the profits but the losses get narrowed down which is the initial signs of turnaround in the company. The previous session NASDAQ : PTON stock price closed at $16.36 with the intraday gains of 26.53% and market cap stood at $5.563B
Is the up-move a turning point of PTON stock ?
On a daily time frame, PTON stock price has shown a surprising up-move 26% approx on the intraday basis and breakout of the $13.00 hurdle level by forming a giant bullish candle which has created a hope for the long term investors. Recently, In the mid of January, PTON prices have succeeded to reclaimed above the 50 day EMA which showed the initial signs of the short term trend reversal and prices continued the upward momentum.
PTON stock had witnessed the volume spike which is probably due to the fear of short covering and prices took halt near the 200 day EMA but if in the coming session bulls succeeded to breakout of the 200 day EMA then the positional trend will reverse in the favor of bulls and PTON might see the participation of genuine investors which can take the prices towards the $20.00 mark.
Meanwhile, the technical indicators of the PTON are turning bullish and indicating the turnaround on the higher time frame. However, if market sentiment turns negative then it can impact the PTON stock and bear’s can again try to drag the prices down. On the lower side $13.00 will act as an immediate support for the bulls and if prices drop below $13.00 then prices can retest the $10.00 levels. The MACD has generated a positive crossover indicating bullishness may continue in the coming days and the RSI curve at 77 sloping higher denotes prices might enter into the oversold zone.
Summary
The PTON prices had shown a sharp up-move after the Q3 earnings which shows that the market has reacted positively and is expecting the turn around into the coming months.
The technical analysis suggests that the recent breakout looks sustainable and if prices reclaimed the 200 day EMA then we can see more upward movement in the short span of time. However, if price rejects the EMA then it might enter into consolidation.
Technical levels
Resistance levels : $20.00 and $24.00
Support levels : $13.00 and $10.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
