PTON retracement
Updated
this is pretty dumb.
last times RSI was this high the stock made a 20% correction back to the mean ~$30.
Also made tops in RSI in the daily time frame as well.
Long time support in green, weak supports dashed green lines.
Fundamentals:
PTON sells overpriced electric cycling bikes during a recession.
The market is as rational as a chicken without a head.
PTON recently rallied after breaking the descending triangle marked in purple due to their increased sales of bikes due to the lockdowns.
now that lock downs are being removed, its very likely people will stop ordering them and the hype dies.
I think its very possible that this stock gets carried back to its ATH on a positive market and even higher.
this is an isolated test of the RSI indicator.
PTON 28p 6/19
dyor.
last times RSI was this high the stock made a 20% correction back to the mean ~$30.
Also made tops in RSI in the daily time frame as well.
Long time support in green, weak supports dashed green lines.
Fundamentals:
PTON sells overpriced electric cycling bikes during a recession.
The market is as rational as a chicken without a head.
PTON recently rallied after breaking the descending triangle marked in purple due to their increased sales of bikes due to the lockdowns.
now that lock downs are being removed, its very likely people will stop ordering them and the hype dies.
I think its very possible that this stock gets carried back to its ATH on a positive market and even higher.
this is an isolated test of the RSI indicator.
PTON 28p 6/19
dyor.
Trade closed: stop reached
ouch. If the market goes down like it did on Tuesday, we may see this guy drop. Else, this play is dead.
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