Peloton tests support at $100
Fiona Cincotta April 23, 2021 4:47 AM
Peloton closed 1.5% higher but is still on track to decline 12% across the week. After falling through its 200 EMA Peoloton is testing support around $100.
Peloton closes the session 1.5% higher. However, the stock is still on track to lose around 12% across the week.
The stocks tumbled lower after US regulators issued an urgent safety warning to customers.
Peloton has pushed back on the claims that animals and small children have been sucked under its treadmill Tread+. Peloton says the claims are inaccurate and misleading.
The share price trades in a downward trend below an ascending trendline dating back to the start of the year. It trades below its 50 EMA & crossed below its 200 EMA at 106 earlier this week.
So far support is holding at $100. A break through this level could open the door to a deeper selloff to $90 low November 9 or even $80 low September 2020.
A move over the 200 EMA is needed for any sort of recovery to take place. It would take a move over the 50 EMA at 117 and the descending trend line for buyers to gain momentum.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit cityindex.com.sg for the complete Risk Disclosure Statement.