Peloton stock price (NASDAQ: PTON) rose 26.27% in the previous month and attempted to break out of the $10 hurdle. PTON stock price recovered well from the recent swing low and showed signs of a trend reversal.
PTON stock price managed to climb above the 50-day EMA showcase the short-term trend has reversed in the upward direction. However, the 200-day EMA slopes down indicating the positional trend still favors the bears.
Peloton stock price seems to be stuck in a wide range between $7.00 to $10.00. It shows signs of base formation and buyers are trying their best to rebound.
At the beginning of July, Peloton Interactive’s stock price took support near $7.00 and showed a minor bounce. Slow and steady, the stock prices recovered and reached $10.00.
Buyers tried multiple times to break the higher range and expand upward. But due to the strong presence of sellers, prices faced rejection. It shows sellers are still active on higher levels.
The volatility in the PTON stock is high so speculators are also active. Peloton stock price closed the previous session at $9.05 with an intraday decline of -5.83%. The market capitalization stands at $3.21 Billion.
Will Peloton Stock recover in the coming months?
Peloton stock price (NASDAQ: PTON) recovered well ahead of quarterly earnings. PTON stock formed a double bottom pattern and buyers are trying to break the neckline hurdle.
Till PTON share price sustained above $7.00 the probability of breakout remains high. If the buyers succeed to break the $10.00 hurdle then a 20% more rise is possible in a short span of time.
On the other hand, If PTON stock faces rejection from $10.00 the bears may again drag it down to the lower range. The technical analysis suggests Peloton stock is near the demand zone and a short-term rise above $10.00 is possible.
PTON Stock Price Analysis on Weekly Time Frame
PTON stock formed a long bearish candle on the weekly timeframe. The next phase of recovery will be visible when buyers succeed to break out of the $10.00 hurdle. The super trend indicator shows that the short trend is bullish.
The MACD curve sustained above zero line but sloping sideways indicates prices are likely to consolidate for some more time. The RSI at 52 denotes neutral territory and a balance between bullish and bearish positions.
Conclusion
Peloton stock price (NASDAQ: PTON) is stuck in the wide range and showing signs of base formation. Buyers are trying their best to break the $10.00 hurdle to bring back the confidence of investors.
