Greetings All,
PTON has been extremely volatile and largely unpredictable. Nonetheless, I'm targeting a gap fill at $120, given the fact that PTON is outside the keltner channel and near the bottom of the bollinger bands. This presents an opportunity to enter the market. There is also hidden bullish divergence on (4) different indicators as shown below:
Bullish Divergence: Histogram, RSI, Momentum, On Balance Volume
On the other PTON could simply buck all statistics and dive further, since it is technically bearish as it closed below the 200 MA ($106) as shown on the weekly chart:
Also, the current pattern appears to be a complex H&S pattern (bearish). However, the gap is compelling, which is why I'm targeting it in the short term.
Happy Trading!
PTON has been extremely volatile and largely unpredictable. Nonetheless, I'm targeting a gap fill at $120, given the fact that PTON is outside the keltner channel and near the bottom of the bollinger bands. This presents an opportunity to enter the market. There is also hidden bullish divergence on (4) different indicators as shown below:
Bullish Divergence: Histogram, RSI, Momentum, On Balance Volume
On the other PTON could simply buck all statistics and dive further, since it is technically bearish as it closed below the 200 MA ($106) as shown on the weekly chart:
Also, the current pattern appears to be a complex H&S pattern (bearish). However, the gap is compelling, which is why I'm targeting it in the short term.
Happy Trading!