PTON, the air is thin!
I'd be extremely careful here at these levels.
This is priced to (and probably beyond) perfection.
Weekly chart shows 2nd final Fib target hit last month and price is all but yelling that it wants to retrace back to 130 at a minimum.
Earnings were good enough but needed to be an absolute blowout in order to sustain the momentum.
With supply chain issues still pressing for months to come, a pause/decline is coming fast.
This may be a momentum play again later, but now is not the time.
Definitely short-term bearish.
This is priced to (and probably beyond) perfection.
Weekly chart shows 2nd final Fib target hit last month and price is all but yelling that it wants to retrace back to 130 at a minimum.
Earnings were good enough but needed to be an absolute blowout in order to sustain the momentum.
With supply chain issues still pressing for months to come, a pause/decline is coming fast.
This may be a momentum play again later, but now is not the time.
Definitely short-term bearish.
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