Peloton’s stock is on track for first close above key chart level in five months

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Shares of Peloton Interactive Inc. PTON, +25.28% rocketed 19.9% in morning trading Tuesday, putting them on track to close above the widely followed 50-day moving average (DMA) for the first time in five months, after the at-home fitness company announced a new chief executive and said it would cut 2,800 jobs. The 50-DMA is viewed by many on Wall Street as a guide to the short-term trend. It currently extends to $34.87, according to FactSet. The last close above that technical indicator was Sept. 10. The stock has now soared 48.8% since it closed at $23.97 on Jan. 27, which was the lowest close since March 2020. Despite the recent rally, the stock has still plunged 68.8% since it last closed above the 50-DMA, while the S&P 500 SPX, +0.84% has gained 0.9% over the same time.

This article was originally published by Marketwatch.com. Read the original article here.

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