A great run for Peloton but after breaking an aggressive uptrend late February it looks like it could be forming a huge Head & Shoulders pattern. The price has corrected up to the 38.2 Fibonacci level after this years drop from the highs seen at the end of 2020. Potential short back down the neckline and support around 95.
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Have closed short at area of support. Potential for another short entry on break of support.
@akashroyy, It looks like the spike may have been stop losses being triggered as we broke back above the neck line. Possibly a gap to fill also but still looks corrective. Going to sit on my hands for time being see how it plays out!