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PENN ENTERTAINMENT INCPENN ENTERTAINMENT INCPENN ENTERTAINMENT INC

PENN ENTERTAINMENT INC

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PENN trade ideas

Oct. 23 - Pain or Gain for PENN?Tomorrow is an interesting day for PENN. It broke through the 1-hour resistance (in the final hour), but held the Daily resistance line (Blue line). The stock bounced off the 50 MA and quickly moved to retrace 40%. 1. October 23 may see the stock open at the 50MA ($62.50) and run to $59 and recover or 1a. or will work its way down to $56. or 2. Open above and run up to $65.25 (S1/R2) and find resistance at the original support line. 2a. If PENN runs to $65 and can't break through resistance then I think it's coiling up for a hard move to the S2 on Monday and Tuesday next week. The blue line becomes the (down) trendline.
NASDAQ:PENN
by DaBears1
8
Penn National Trending Higher Into EarningsLast month we covered the breakout in Draftkings . Now its sports-betting rival, Penn National Gaming, may have some potentially bullish patterns. First is its relationship with the 8- and 21-day exponential moving averages (EMAs). Notice in early August and early September how it squeezed into the 21-day EMA. In both cases it paused there for a few candles, but then jumped after getting back above its 8-day EMA. That pattern just repeated late last week. Second, notice the false breakdowns on August 31 and September 24. Both times it snapped back the next day and never revisited those lows. These are similar to “kicker” patterns, when the bears score elusive short-term victories before getting crushed by the bulls. Third, notice how PENN made a higher low last week above its September 24-25 lows. Next, Bollinger Band Width has squeezed back to its tightest level since September 10. That could create the potential for some expansion if the shares continue higher. Finally, there is the catalyst of earnings on October 29. Recent reports indicated PENN’s Barstool app has taken leadership from Draftkings . The casino operator has also done a solid job of adapting its traditional properties to the coronavirus pandemic, as we saw in the August 6 earnings report. Additionally, it has short-squeeze potential. TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
NASDAQ:PENNLong
by TradeStation
1