PENN
PENN is currently in a downtrend since breaking down from 81 level.
Price has now pulled back to 50 ema in form of a bear flag.
On the pullback, price also rejecting resistance level at 51.65.
On the last day of trading, price broke out and down from bear flag and the candle stick being an inverted hammer. This is my cue to enter trade.
Entering trade short
Entry: 47.27
Stop loss: 51.84
Target: 38.37 – 18.81% RR ratio 1.94
PENN is currently in a downtrend since breaking down from 81 level.
Price has now pulled back to 50 ema in form of a bear flag.
On the pullback, price also rejecting resistance level at 51.65.
On the last day of trading, price broke out and down from bear flag and the candle stick being an inverted hammer. This is my cue to enter trade.
Entering trade short
Entry: 47.27
Stop loss: 51.84
Target: 38.37 – 18.81% RR ratio 1.94
Trade closed: target reached
Closed @ 38.37. +18.81% RR ratio 1.94
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.