Peloton Interactive (PTON) is under pressure by bearish traders on the heels of the news that their co-founders have resigned. I wonder what employees in the breakroom are talking about when the founders jump ship? Morale must be terrible.
Let's check out the charts.
In the daily bar chart of PTON, below, we can see how the shares have sunk the past 12 months. We used a log scale to see the details. Prices have been chopping around the $10 area the past three months or so.
Unfortunately the trading volume is not increasing on up days and the On-Balance-Volume (OBV) line shows only minimal improvement from July. The Moving Average Convergence Divergence (MACD) oscillator is hugging the zero line telling us there is little in the way of "trend strength."