PENN S&R
Updated
Over a week ago, PENN rallied above its previous resistance around 40 and began trading in between this channel. Throughout Friday and Monday, PENN hit the resistance level at the 53s, but finally broke through the ascending triangle and is now trading above it, making the 53 a resistance level to watch out for. A break of the Anchored VWAP should be on watch, as a break below the new support would be imminent, especially with this Portnoy news. However, if PENN can stick this 54.9 level, it should be in good shape for a breakout
Note
Congrats to all the PENN bulls, it bounced right off the channel as expected, reaching 56.77 and closing at 56.54
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