Is PTON really bearish short term?
Some people is ignoring the divergence on MACD on daily chart.
And we all know PTON is retesting the neckline and some people is thinking it will drop again after that.
However, if you spend some time and thinking about the price actions, you might find something different.
1. The volume.
Volume is increasing obviously. And checking 15 mins chart, PTON price is already above the BAR which had the highest Volume in Day May 05.
2. Price Bar.
Close Price does not drop below the low point of Bar in May 05 and try to break the upper line instead.
3. Did not drop when NASDAQ drops in past few days
What does this mean?
1. some big players are taking shares whoever sells it.
2. shorter covers their sales? Maybe.
3. people who short PTON on May 05 is bearing a loss. Short squeeze!
If PTON price goes above the neckline, then it's a fake fall which is bullish from mid-long term.
My personal bias for PTON is bullish.
However, only market can tell truth, so if price goes below 80, PTON is very bearish
This will be confirmed in following days
And we all know PTON is retesting the neckline and some people is thinking it will drop again after that.
However, if you spend some time and thinking about the price actions, you might find something different.
1. The volume.
Volume is increasing obviously. And checking 15 mins chart, PTON price is already above the BAR which had the highest Volume in Day May 05.
2. Price Bar.
Close Price does not drop below the low point of Bar in May 05 and try to break the upper line instead.
3. Did not drop when NASDAQ drops in past few days
What does this mean?
1. some big players are taking shares whoever sells it.
2. shorter covers their sales? Maybe.
3. people who short PTON on May 05 is bearing a loss. Short squeeze!
If PTON price goes above the neckline, then it's a fake fall which is bullish from mid-long term.
My personal bias for PTON is bullish.
However, only market can tell truth, so if price goes below 80, PTON is very bearish
This will be confirmed in following days
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