Keep Riding Peloton, Stock Could Climb Higher

PTON is in an uptrend with no signs of selling.
Stocks quotes in this article: PTON, ZM, SPOT

Jim Cramer told his Mad Money viewers Monday night that most of the best performers in his Covid-19 index have been technology names, with Peloton Interactive Inc. (PTON) and others such as Zoom Video (ZM) and Spotify (SPOT) leading the pack.

Let's check out a couple charts of PTON. 

In the daily bar chart of PTON, below, we can see that prices have tripled from the March nadir. Pretty amazing. PTON is trading above the rising 50-day moving average line but we are short of 200 days of trading to show the 200-day average. The slope is probably positive too.

The On-Balance-Volume (OBV) line has been rising all year and confirms the price strength in the stock. The Moving Average Convergence Divergence (MACD) oscillator crossed the zero line in early April and it is still pointed up.

 
In this Point and Figure chart of PTON, below, we can see a nearby price target in the $63 area.
 
Bottom-line strategy: It looks like exercising at home and not in a crowded spin class is a powerful incentive. PTON is in an uptrend with no signs of selling. Longs could aim for the $63-$66 area in the near-term.
 
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TAGS: Investing | Stocks | Technical Analysis | Health Care Equipment & Services | Mad Money

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