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Following a nasty drawdown from the all-time highs made back in 2021, Peloton Interactive $PTON is coiling at the upper bounds of a textbook bearish-to-bullish reversal pattern.
An upside resolution from the past month's trading range will confirm a new primary uptrend for this battered growth stock.
Here’s the chart:
Peloton is sporting a 20% short interest and 4x days to cover ratio, which means if we get the move we’re looking for, it should be a big one.
What we’re doing here is simple. Let’s walk through it.
The worst stocks, the cycle laggards, the non-participators, the most-heavily shorted names… they are all working out here...
