Shares of Peloton Interactive ( PTON) are under selling pressure again here on Friday after the maker of fitness equipment posted disappointing first-quarter results and a weak outlook. We warned regular readers of Real Money back on Aug. 27 to avoid the long side of the exercise company. 
Let's check out the charts of PTON again.
In this daily bar chart of PTON, below, we can see prices through Thursday's close. PTON was trading at less than $58 at Friday's open. This huge downside price gap smashed the May low. Not a pretty picture. The indicators were weak ahead of today's decline. The slopes of the 50-day and 200-day averages were negative. The On-Balance-Volume (OBV) line has been bearish since June. The Moving Average Convergence Divergence (MACD) oscillator is below the zero line in sell territory.
In this weekly Japanese candlestick chart of PTON, below, we see a bearish picture. Prices are in a decline below the bearish 40-week moving average line. The weekly OBV line and the MACD oscillator are also bearish.
In this daily Point and Figure chart of PTON, below, we can see a downside price target of $78 before today's dive to the downside.
In this weekly Point and Figure chart of PTON, below, we see a downside price target in the $65 area. This target is likely to be overshot today.
Bottom line strategy: Don't fight the downtrend. Do not try to pick a bottom. Continue to avoid the long side but also continue to exercise.
