Swing Trade Idea – (PTON) – November 18, 2020
Our bullish trade for Wednesday, November 18th is Peloton Interactive Inc (PTON). PTON is part of the Consumer Discretionary Sector (XLY). XLY has experienced a 2.54% gain in the last month and its 1M trend turned bullish on November 6th.
PTON has pulled back to the $91 support level after a strong few weeks providing a good long opportunity. With a technical score of 10 (out of 10), PTON is a very strong stock that will likely move higher.
As a stop loss, if PTON were to trade below $90 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We would also consider cutting losses on this options trade if the value of the vertical spread moves above $9.90.
