new year new PENN very nice bounce off the bottom trendline support, lots of bullish flow on the options Friday and held gains all day on a friday! , looking for a gap over this top trendline resistance and a test of 130 soon. goodluck! :)
PENN trade ideas
Decision timePenn has earnings coming up tomorrow. right now its trading in a rising wedge pattern which is a bearish pattern with a possible cliff fall out come. Earnings could change this trajectory with a breakout through channel top At 114. I place targets for both possible outcomes .
Mac D is converging
RSI has room to run
MFI has room
Retracement to 50% LevelPENN has had a ton of momentum powered by the barstool synergy and over all bullish sentiment of Sports Gambling growth and expansion. The likely retracement to 50% level as that has been seen before this year creates an opportunity for those who want to get in on the trade and momentum at a discount.
PENN NeutralRSI divergence
EMA20 Bollinger Band Upper band
There might be a consolidation between 90 and 110.
Sell Iron Condor -- limit 6.2 (Credit)
SellToOpen Mar Call Spread C110/120
SellToOpen Mar Put Spread C80/90
Get Theta 2.34 per day
$10 range,
max profit 6.2,
max risk 3.8,
Reward:risk= 1.63:1
PENN To Test New All Time Highs SoonLaws regarding online gambling have been being created and approved by states since 2020. During the pandemic states have lost tons of tax dollars and need ways to fund local government. It seems more likely than ever that 2021 will be the year that online gambling starts and legalization
NY's Cuomo has even talked about legalizing online gambling to gain new tax dollars to help ease pandemic losses. PENN and DKNG set to benefit the most.
Online Sports Betting Stocks Look Bullish for 2021Sports betting stocks look bullish for 2021, sports will most likely continue back to normal with more sport teams starting to let fans back to the stadium. More states also letting online sports betting. The charts for these stocks also look bullish with solid uptrends.
NASDAQ:PENN NASDAQ:DKNG
