Risk/Reward Rating: Negative
Peloton was one of the largest beneficiaries of the COVID crisis as people rushed out to purchase exercise equipment and content while in lockdown. The stock topped out in January of 2021 as a return to normal came into view. Ominously, a death cross was consummated on 4-30-21 with the stock’s 50-day moving average piercing beneath the 200-day moving average.
In the process, a weekly head and shoulders top has now formed with a neckline in the $110 area, which the stock is battling to overcome.
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