NASDAQ:PTON While the cloud, 100 SMA, and .618 fib level point to $29.50 as key resistance, the confluence of 50 SMA, 0.5 Fib, and Tenkan at $26.20 - $27 range may see 100 SMA flip support and price attempt continuation of uptrend (purple trend line).
Realistically looking to enter short with tight stop at any touch of lime green downtrend line ($31-$33 area)...
Kijun has served as major support. Breakdown/close of 3M candle below Kijun, will be looking to historic trend lines for next level of support. Note the Fib levels that have served as support and resistance in multiple ranges (notably at $103 and $69). Confluence of historic trend line, 50 SMA, and 2.618 Fib level would signal long entry/cover short.
Please...
Breakdown of price from upper channel (middle trend line ) suggests retest of lower (red) historic trend line likely. Will look to play this one both ways. Higher probability trade is long at retest of lower trend line. Feedback is welcome and opposing views preferred.
