Shares in Peloton Interactive (PTON) were down sharply Friday, giving back a chunk of the near-30% gain recorded yesterday after the fitness equipment maker 澳洲幸运5官方开奖结果体彩网:announcᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚed a new chief executive officer and reported better-than-expected quarterly results.

The company said it had appointed Ford (F) and former Apple (AAPL) executive Peter Stern as its new CEO. Stern currently heads the legacy automakers’ digital business services, and while at Apple, oversaw a range a subscription services, including Apple Fitness+.

On the earnings front, Peloton posted a significantly narrower-🔜than-expected loss during the quarter, indicating the company’s cost-cutting initiatives had begun to deliver results as it works on a turnaround ef🌺fort to reinvigorate sales after a post-pandemic demand slump. 

Peloton shares were down 13% at $7.40 in mid-afternoon trading Friday, cutting the stock's year-to-date gain to around 22%.

Below, we navigate Peloton’s chart using 澳洲幸运5官方开奖结果体彩网:technical analysis and identify key price levels worth watching out 🧸for.

News-Driven Breakaway Gap

Since breaking out above the neckline of a 澳洲幸运5官方开奖结果体彩网:double bottom pattern earlier this month, Peloton shares continued trending higher, with the stock’s price staging a 澳洲幸运5官方开奖结果体彩网:breakaway gap yeste♐rday following the company’s upbeat news events.

Importantly, Thursday’s move occurred on the highest 澳洲幸运5官方开奖结果体彩网:trading volume since late August, signaling buying participation by larger market players, such as 澳洲幸运5官方开奖结果体彩网:institutional investors and asset managers.

However, while the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) confirms bullish price momentum, it also warns of extremely 澳洲幸运5官方开奖结果体彩网:overbought 𝓰conditions w🍌ith a reading above the 80 threshold.

Let’s take a look at important chart levels on Peloton’s chart that investors may be watching following yesterday's news-driven buying.

Important Resistance Levels to Monitor

Amid a move higher, investors should monitor how the shares respond to the $9.50 level. This area on the chart could attract selling pressure near a 澳洲幸运5官方开奖结果体彩网:trendline connecting the March trough and several peaks from June to August last year

A close above this level could fuel a bullish move up to around $13, a location where investors may look to 澳洲幸运5官方开奖结果体彩网:lock in profits near the prominent December 2022 澳洲幸运5官方开奖结果体彩网:swing high, which also corres⛎ponds with a range of similar trading levels on the chart🍒 between February and March 2023.

Key Support Levels to Watch

Upon an initial pullback, such as Friday's move lower, investors may look for buying opportunities nea♚r the stock's pre-breakout level around $6.70, a region on the chart that closely aligns with a range of peaks and troughs between May 2023 and January this year.

Finally, a deeper 澳洲幸运5官方开奖结果体彩网:retracement could see the shares revisit lower support around $5, where bargain hunters may seek 澳洲幸运5官方开奖结果体彩网:entry points near the double bottom pattern’s neckline.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our 澳洲幸运5官方开奖结果体彩网:warranty and liability disclaimer for more info.

As of the date this article was written, the author does not own any of the above securities.